Forum Financial Management LP Makes New $113,000 Investment in Lumen Technologies, Inc. (NYSE:LUMN)

by · The Cerbat Gem

Forum Financial Management LP purchased a new stake in Lumen Technologies, Inc. (NYSE:LUMN – Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 15,971 shares of the technology company’s stock, valued at approximately $113,000.

A number of other hedge funds have also modified their holdings of the company. Van ECK Associates Corp acquired a new position in Lumen Technologies during the third quarter valued at approximately $241,000. Investors Asset Management of Georgia Inc. GA ADV grew its holdings in shares of Lumen Technologies by 5.9% in the 3rd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 52,850 shares of the technology company’s stock valued at $375,000 after buying an additional 2,925 shares during the period. Stephens Inc. AR increased its position in shares of Lumen Technologies by 7.7% in the 3rd quarter. Stephens Inc. AR now owns 27,070 shares of the technology company’s stock valued at $192,000 after buying an additional 1,935 shares in the last quarter. US Bancorp DE raised its stake in Lumen Technologies by 18.6% during the 3rd quarter. US Bancorp DE now owns 15,012 shares of the technology company’s stock worth $107,000 after buying an additional 2,350 shares during the period. Finally, Congress Asset Management Co. bought a new position in Lumen Technologies during the third quarter worth about $2,592,000. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Bank of America raised their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. TD Cowen increased their target price on Lumen Technologies from $2.50 to $7.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group boosted their target price on Lumen Technologies from $4.00 to $4.50 and gave the company a “neutral” rating in a research note on Friday, October 4th. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, Lumen Technologies presently has a consensus rating of “Hold” and an average target price of $4.09.

Get Our Latest Stock Analysis on Lumen Technologies

Lumen Technologies Stock Up 1.8 %

LUMN stock opened at $7.62 on Wednesday. The company has a market cap of $7.74 billion, a price-to-earnings ratio of -3.63 and a beta of 1.21. Lumen Technologies, Inc. has a twelve month low of $0.97 and a twelve month high of $7.83. The business has a 50 day moving average price of $6.27 and a two-hundred day moving average price of $3.55. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 39.51.

Lumen Technologies (NYSE:LUMN – Get Free Report) last issued 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 return on equity of 18.52% and a negative net margin of 15.06%. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.25 billion. During the same quarter in the previous year, the firm posted $0.10 earnings per share. Lumen Technologies’s quarterly revenue was down 10.7% on a year-over-year basis. Analysts anticipate that Lumen Technologies, Inc. will post -0.59 EPS for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In other Lumen Technologies news, Director James Fowler bought 10,000 shares of Lumen Technologies stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the purchase, the director now owns 384,056 shares of the company’s stock, valued at $1,805,063.20. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.68% of the company’s stock.

Lumen Technologies Profile

(Free Report)

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.

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