365,131 Shares in Lumen Technologies, Inc. (NYSE:LUMN) Bought by Congress Asset Management Co.

Congress Asset Management Co. purchased a new stake in Lumen Technologies, Inc. (NYSE:LUMN) during the third quarter, HoldingsChannel.com reports. The fund purchased 365,131 shares of the technology company’s stock, valued at approximately $2,592,000.

Several other hedge funds have also bought and sold shares of LUMN. Sawgrass Asset Management LLC increased its holdings in shares of Lumen Technologies by 68.5% in the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after purchasing an additional 9,263 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Lumen Technologies in the 2nd quarter worth approximately $25,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Lumen Technologies during the 2nd quarter worth approximately $26,000. Concord Wealth Partners grew its holdings in shares of Lumen Technologies by 98.8% in the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after purchasing an additional 1,992 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new stake in Lumen Technologies in the second quarter worth $33,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Analyst Upgrades and Downgrades

LUMN has been the subject of several research reports. Moffett Nathanson increased their price objective on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and increased their price target for the company from $1.25 to $3.15 in a report on Tuesday, August 6th. Bank of America boosted 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 raised their price objective on Lumen Technologies from $4.00 to $4.50 and gave the company a “neutral” rating in a research note on Friday, October 4th. Finally, JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $4.09.

Insider Transactions at Lumen Technologies

In related news, Director James Fowler acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the acquisition, the director now directly owns 384,056 shares of the company’s stock, valued at $1,805,063.20. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.68% of the company’s stock.

Lumen Technologies Stock Up 9.5 %

Shares of NYSE:LUMN opened at $7.00 on Friday. The firm has a market capitalization of $7.12 billion, a PE ratio of -3.33 and a beta of 1.19. The business has a 50 day simple moving average of $6.24 and a two-hundred day simple moving average of $3.48. Lumen Technologies, Inc. has a 1 year low of $0.78 and a 1 year high of $7.83. The company has a debt-to-equity ratio of 39.51, a current ratio of 1.01 and a quick ratio of 1.01.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $3.25 billion. During the same quarter in the previous year, the firm earned $0.10 EPS. Lumen Technologies’s revenue was down 10.7% compared to the same quarter last year. On average, equities analysts predict that Lumen Technologies, Inc. will post -0.18 EPS for the current year.

About Lumen Technologies

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.