Comerica Bank Decreases Position in Lumen Technologies, Inc. $LUMN

Comerica Bank cut its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 6.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 406,839 shares of the technology company’s stock after selling 26,441 shares during the quarter. Comerica Bank’s holdings in Lumen Technologies were worth $1,595,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of LUMN. Nuveen LLC purchased a new position in Lumen Technologies in the 1st quarter valued at about $26,469,000. Invesco Ltd. lifted its stake in Lumen Technologies by 91.6% in the 1st quarter. Invesco Ltd. now owns 10,276,782 shares of the technology company’s stock worth $40,285,000 after purchasing an additional 4,911,803 shares in the last quarter. Millennium Management LLC lifted its stake in Lumen Technologies by 474.8% in the 4th quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company’s stock worth $30,503,000 after purchasing an additional 4,745,040 shares in the last quarter. Deutsche Bank AG lifted its stake in Lumen Technologies by 182.3% in the 4th quarter. Deutsche Bank AG now owns 1,589,213 shares of the technology company’s stock worth $8,439,000 after purchasing an additional 1,026,248 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Lumen Technologies by 8.6% in the 4th quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company’s stock worth $65,602,000 after purchasing an additional 982,206 shares in the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Stock Down 1.4%

Lumen Technologies stock opened at $4.73 on Thursday. Lumen Technologies, Inc. has a fifty-two week low of $3.01 and a fifty-two week high of $10.33. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13. The firm has a 50 day moving average price of $4.43 and a 200 day moving average price of $4.23. The company has a market capitalization of $4.85 billion, a PE ratio of -4.00 and a beta of 1.42.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.21. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.11 billion. During the same quarter last year, the firm earned ($0.13) EPS. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. Research analysts expect that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Insider Activity at Lumen Technologies

In related news, CEO Kathleen E. Johnson bought 135,870 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The stock was purchased at an average price of $3.69 per share, for a total transaction of $501,360.30. Following the acquisition, the chief executive officer owned 9,616,947 shares of the company’s stock, valued at approximately $35,486,534.43. This trade represents a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Christopher Stansbury purchased 40,000 shares of the firm’s stock in a transaction on Friday, August 15th. The stock was acquired at an average cost of $4.44 per share, with a total value of $177,600.00. Following the transaction, the chief financial officer directly owned 535,000 shares in the company, valued at $2,375,400. This trade represents a 8.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 217,870 shares of company stock valued at $859,140 in the last quarter. 2.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

LUMN has been the topic of a number of research reports. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 3rd. The Goldman Sachs Group initiated coverage on shares of Lumen Technologies in a research note on Tuesday. They issued a “neutral” rating and a $4.10 target price on the stock. Raymond James Financial raised their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. Finally, BNP Paribas upgraded shares of Lumen Technologies to a “hold” rating in a report on Wednesday, June 25th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Lumen Technologies presently has a consensus rating of “Hold” and an average price target of $5.14.

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.