Victory Capital Management Inc. Buys 2,168,325 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Victory Capital Management Inc. boosted its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 1,081.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,368,911 shares of the technology company’s stock after purchasing an additional 2,168,325 shares during the quarter. Victory Capital Management Inc. owned about 0.23% of Lumen Technologies worth $16,819,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LUMN. Crossmark Global Holdings Inc. purchased a new position in shares of Lumen Technologies in the third quarter worth $433,000. Congress Asset Management Co. purchased a new position in shares of Lumen Technologies in the third quarter valued at about $2,592,000. Quadrature Capital Ltd purchased a new position in shares of Lumen Technologies in the first quarter worth $468,000. Mackenzie Financial Corp increased its holdings in shares of Lumen Technologies by 267.4% in the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock worth $260,000 after purchasing an additional 172,040 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Lumen Technologies by 22.4% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock valued at $3,198,000 after acquiring an additional 401,399 shares during the last quarter. Institutional investors own 66.19% of the company’s stock.

Insider Transactions at Lumen Technologies

In related news, Director James Fowler acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the purchase, the director now owns 384,056 shares of the company’s stock, valued at $1,805,063.20. This represents a 2.67 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.68% of the company’s stock.

Lumen Technologies Stock Down 4.7 %

LUMN stock opened at $7.75 on Wednesday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. The firm has a 50-day moving average of $7.03 and a two-hundred day moving average of $4.14. The company has a market cap of $7.86 billion, a price-to-earnings ratio of -3.57 and a beta of 1.21. Lumen Technologies, Inc. has a 12 month low of $0.97 and a 12 month high of $10.33.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.04). The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. Lumen Technologies’s revenue was down 11.5% compared to the same quarter last year. During the same period last year, the business earned ($0.09) EPS. As a group, analysts forecast that Lumen Technologies, Inc. will post -0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company cut shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their price objective for the company from $1.75 to $4.00 in a research report on Friday, August 16th. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Moffett Nathanson increased their price target on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and raised their target price for the stock from $1.25 to $3.15 in a report on Tuesday, August 6th. Finally, TD Cowen dropped their target price on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.02.

Lumen Technologies Company Profile

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.