Lumen Technologies, Inc. (NYSE:LUMN) Shares Purchased by Sound Income Strategies LLC

Sound Income Strategies LLC boosted its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 2,688.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,372 shares of the technology company’s stock after acquiring an additional 10,000 shares during the period. Sound Income Strategies LLC’s holdings in Lumen Technologies were worth $74,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of LUMN. Virtu Financial LLC acquired a new stake in Lumen Technologies during the 4th quarter valued at $264,000. Vanguard Group Inc. increased its position in Lumen Technologies by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 118,327,820 shares of the technology company’s stock worth $216,540,000 after purchasing an additional 927,331 shares in the last quarter. HighPoint Advisor Group LLC acquired a new position in Lumen Technologies in the 4th quarter valued at about $27,000. Carolina Wealth Advisors LLC lifted its holdings in Lumen Technologies by 158.8% in the 1st quarter. Carolina Wealth Advisors LLC now owns 53,518 shares of the technology company’s stock valued at $83,000 after purchasing an additional 32,840 shares in the last quarter. Finally, Fulton Bank N.A. acquired a new stake in shares of Lumen Technologies during the 1st quarter worth about $48,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Lumen Technologies Stock Performance

Lumen Technologies stock opened at $6.08 on Tuesday. 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, Inc. has a 12 month low of $0.78 and a 12 month high of $7.83. The company has a market cap of $6.17 billion, a price-to-earnings ratio of -0.56 and a beta of 1.19. The stock’s 50-day moving average is $6.04 and its 200-day moving average is $3.01.

Lumen Technologies (NYSE:LUMN) last announced its quarterly 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 for the quarter, compared to analyst estimates of $3.25 billion. During the same period last year, the firm earned $0.10 earnings per share. The company’s quarterly revenue was down 10.7% on a year-over-year basis. Equities analysts anticipate that Lumen Technologies, Inc. will post -0.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Bank of America increased their price target on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. UBS Group lifted their price objective on Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and increased their target price for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Finally, The Goldman Sachs Group lifted their price target on Lumen Technologies from $4.00 to $4.50 and gave the company a “neutral” rating in a report on Friday, October 4th. Three equities 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 currently has an average rating of “Hold” and a consensus price target of $4.09.

Insider Activity at Lumen Technologies

In related news, Director James Fowler acquired 10,000 shares of Lumen Technologies stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the purchase, the director now directly owns 384,056 shares in the company, valued at $1,805,063.20. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.68% of the stock is owned by insiders.

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.