Lumen Technologies (NYSE:LUMN) Hits New 12-Month High on Strong Earnings

Lumen Technologies, Inc. (NYSE:LUMN) hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $7.83 and last traded at $7.68, with a volume of 4309542 shares changing hands. The stock had previously closed at $7.61.

The technology company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.20) 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 $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. During the same quarter in the prior year, the firm earned ($0.09) EPS. The business’s revenue was down 11.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. UBS Group upped their target price on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. The Goldman Sachs Group increased their price objective on shares of Lumen Technologies from $4.00 to $4.50 and gave the company a “neutral” rating in a research note on Friday, October 4th. 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 note on Wednesday, August 7th. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Finally, Bank of America raised their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $4.09.

Insider Buying and Selling

In other news, Director James Fowler acquired 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $4.70 per share, with a total value of $47,000.00. Following the completion of the acquisition, the director now owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Lumen Technologies

Several institutional investors have recently modified their holdings of the stock. Congress Asset Management Co. acquired a new position in Lumen Technologies in the 3rd quarter valued at about $2,592,000. Quadrature Capital Ltd purchased a new stake in shares of Lumen Technologies in the 1st quarter valued at approximately $468,000. Mackenzie Financial Corp raised its stake in shares of Lumen Technologies by 267.4% in the 2nd quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock valued at $260,000 after acquiring an additional 172,040 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of Lumen Technologies by 22.4% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,190,256 shares of the technology company’s stock valued at $3,198,000 after acquiring an additional 401,399 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Lumen Technologies in the 3rd quarter valued at approximately $10,062,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Stock Up 3.2 %

The business’s 50 day moving average price is $6.32 and its 200-day moving average price is $3.60. The firm has a market capitalization of $7.98 billion, a PE ratio of -3.63 and a beta of 1.21. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01.

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.