Creative Planning Has $2.30 Million Stake in Lumen Technologies, Inc. (NYSE:LUMN)

Creative Planning lifted its position in Lumen Technologies, Inc. (NYSE:LUMN) by 8.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 323,628 shares of the technology company’s stock after purchasing an additional 24,565 shares during the quarter. Creative Planning’s holdings in Lumen Technologies were worth $2,298,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Quadrature Capital Ltd acquired a new position in shares of Lumen Technologies in the first quarter valued at $468,000. Mackenzie Financial Corp raised its stake 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 valued at $260,000 after purchasing an additional 172,040 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of Lumen Technologies by 22.4% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock valued at $3,198,000 after purchasing an additional 401,399 shares in the last quarter. Algert Global LLC acquired a new position in shares of Lumen Technologies in the second quarter valued at $112,000. Finally, Front Street Capital Management Inc. raised its stake in Lumen Technologies by 30.1% during the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock worth $12,827,000 after acquiring an additional 2,697,423 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Bank of America increased their price objective on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. The Goldman Sachs Group increased their price objective on Lumen Technologies from $4.00 to $4.50 and gave the stock a “neutral” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. UBS Group increased their price objective on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $1.25 to $3.15 in a research note on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat, Lumen Technologies presently has an average rating of “Hold” and an average target price of $4.09.

Insider Activity at Lumen Technologies

In other news, Director James Fowler purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the acquisition, the director now directly owns 384,056 shares in the company, valued at approximately $1,805,063.20. The trade was a 0.00 % 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. 1.68% of the stock is owned by company insiders.

Lumen Technologies Stock Performance

Shares of NYSE:LUMN opened at $6.44 on Monday. Lumen Technologies, Inc. has a twelve month low of $0.78 and a twelve month high of $7.83. The firm has a market cap of $6.54 billion, a PE ratio of -0.59 and a beta of 1.19. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01. The business has a fifty day moving average of $6.19 and a 200-day moving average of $3.32.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same quarter last year, the business posted $0.10 earnings per share. The business’s quarterly revenue was down 10.7% compared to the same quarter last year. On average, equities research analysts predict that Lumen Technologies, Inc. will post -0.18 EPS for the current fiscal year.

Lumen Technologies 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.