State of New Jersey Common Pension Fund D Makes New Investment in Lumen Technologies, Inc. (NYSE:LUMN)

State of New Jersey Common Pension Fund D bought a new stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 381,662 shares of the technology company’s stock, valued at approximately $2,710,000.

Other institutional investors have also modified their holdings of the company. Concord Wealth Partners boosted its stake in shares of Lumen Technologies by 98.8% during the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after purchasing an additional 1,992 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Lumen Technologies in the third quarter worth approximately $46,000. GAMMA Investing LLC increased its stake in shares of Lumen Technologies by 1,901.8% during the third quarter. GAMMA Investing LLC now owns 6,846 shares of the technology company’s stock valued at $49,000 after buying an additional 6,504 shares during the period. ORG Wealth Partners LLC purchased a new position in Lumen Technologies during the 3rd quarter valued at about $59,000. Finally, Stableford Capital II LLC bought a new position in Lumen Technologies in the third quarter worth approximately $71,000. 66.19% of the stock is owned by institutional investors.

Insider Transactions at Lumen Technologies

In other news, Director James Fowler acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased 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 $1,805,063.20. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on LUMN shares. TD Cowen reduced their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. UBS Group lifted their price target on Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Moffett Nathanson upped their price objective on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Finally, Citigroup upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and raised their price target for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $4.02.

Lumen Technologies Price Performance

NYSE:LUMN opened at $8.89 on Thursday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. Lumen Technologies, Inc. has a 12 month low of $0.97 and a 12 month high of $10.33. The firm has a market cap of $9.02 billion, a P/E ratio of -4.09 and a beta of 1.21. The stock has a 50 day moving average of $6.82 and a two-hundred day moving average of $3.92.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.04). Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.21 billion. During the same period in the prior year, the company posted ($0.09) EPS. The firm’s revenue was down 11.5% on a year-over-year basis. On average, analysts expect that Lumen Technologies, Inc. will post -0.38 earnings per share for the current fiscal year.

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.