State Board of Administration of Florida Retirement System cut its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 2.1% in the second quarter, HoldingsChannel.com reports. The fund owned 1,355,127 shares of the technology company’s stock after selling 28,769 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Lumen Technologies were worth $18,416,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. WINTON GROUP Ltd bought a new stake in Lumen Technologies in the second quarter valued at approximately $840,000. Strategic Wealth Advisors Group LLC acquired a new stake in Lumen Technologies in the second quarter worth $711,000. O Shaughnessy Asset Management LLC raised its holdings in Lumen Technologies by 62.2% in the second quarter. O Shaughnessy Asset Management LLC now owns 3,677,464 shares of the technology company’s stock worth $49,976,000 after purchasing an additional 1,410,387 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Lumen Technologies by 12.8% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 172,662 shares of the technology company’s stock worth $2,346,000 after purchasing an additional 19,644 shares during the period. Finally, O Brien Greene & Co. Inc bought a new stake in shares of Lumen Technologies in the second quarter worth about $567,000. 75.50% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have issued reports on the company. Oppenheimer restated a “market perform” rating on shares of Lumen Technologies in a report on Wednesday, May 26th. Zacks Investment Research upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating and set a $14.00 price target for the company in a report on Thursday, August 5th. Finally, Morgan Stanley reduced their price target on shares of Lumen Technologies from $12.10 to $11.00 and set an “underweight” rating for the company in a report on Monday, August 23rd.
Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, August 3rd. The technology company reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.05. Lumen Technologies had a negative net margin of 4.65% and a positive return on equity of 16.28%. The company had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $5 billion. On average, equities analysts expect that Lumen Technologies, Inc. will post 1.66 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Monday, August 30th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 7.73%. The ex-dividend date was Friday, August 27th. Lumen Technologies’s payout ratio is 59.88%.
In related news, Director Steven T. Clontz acquired 5,000 shares of the firm’s stock in a transaction dated Monday, August 23rd. The stock was bought at an average price of $11.98 per share, for a total transaction of $59,900.00. Following the acquisition, the director now directly owns 297,515 shares of the company’s stock, valued at $3,564,229.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.60% of the stock is owned by company insiders.
About Lumen Technologies
Lumen Technologies, Inc is an investment holding company, which engages in the provision of integrated communications to residential and business customers. It operates through the following segments: International and Global Accounts Management, Enterprise, Small and Medium Business, Wholesale, and Consumer.
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