Jupiter Topco LLC Takes $9.41 Million Position in Lumen Technologies, Inc. $LUMN

Jupiter Topco LLC bought a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,225,077 shares of the technology company’s stock, valued at approximately $9,411,000. Jupiter Topco LLC owned about 0.12% of Lumen Technologies at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. JPMorgan Chase & Co. grew its position in Lumen Technologies by 324.7% during the 4th quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company’s stock worth $172,585,000 after purchasing an additional 16,981,326 shares during the last quarter. Norges Bank purchased a new stake in shares of Lumen Technologies in the fourth quarter valued at about $106,557,000. Hsbc Holdings PLC acquired a new stake in shares of Lumen Technologies during the second quarter worth about $74,242,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Lumen Technologies by 737.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,043,124 shares of the technology company’s stock worth $62,496,000 after buying an additional 7,082,560 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Lumen Technologies by 87.2% during the second quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company’s stock worth $80,558,000 after buying an additional 4,886,999 shares during the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Price Performance

Shares of LUMN opened at $6.05 on Monday. Lumen Technologies, Inc. has a 1-year low of $4.57 and a 1-year high of $11.95. The stock has a market cap of $6.24 billion, a price-to-earnings ratio of -5.93 and a beta of 1.79. The firm has a 50 day simple moving average of $6.59 and a 200-day simple moving average of $7.60.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.06. The firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same quarter last year, the company posted ($0.03) earnings per share. Lumen Technologies’s revenue for the quarter was down 9.3% on a year-over-year basis. On average, equities analysts expect that Lumen Technologies, Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Transactions at Lumen Technologies

In other news, CEO Kathleen E. Johnson purchased 100,000 shares of the stock in a transaction on Thursday, August 6th. The stock was purchased at an average price of $6.13 per share, with a total value of $613,000.00. Following the completion of the transaction, the chief executive officer owned 100,000 shares in the company, valued at approximately $613,000. The trade was a ? increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on LUMN shares. The Goldman Sachs Group reduced their price objective on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a research note on Wednesday, August 5th. Citigroup dropped their target price on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a report on Tuesday, August 11th. Wells Fargo & Company decreased their price target on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating for the company in a report on Wednesday, August 5th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Finally, Zacks Research downgraded shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Nine equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $7.86.

Lumen Technologies Company Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.