Connor Clark & Lunn Investment Management Ltd. Boosts Stake in Lumen Technologies, Inc. (NYSE:LUMN)

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 9.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,265,415 shares of the technology company’s stock after acquiring an additional 294,679 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.32% of Lumen Technologies worth $23,184,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Stephens Inc. AR boosted its stake in shares of Lumen Technologies by 7.7% during the 3rd quarter. Stephens Inc. AR now owns 27,070 shares of the technology company’s stock worth $192,000 after acquiring an additional 1,935 shares in the last quarter. Concord Wealth Partners raised its holdings in Lumen Technologies by 98.8% during the third 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 last quarter. US Bancorp DE boosted its position in Lumen Technologies by 18.6% during the third quarter. US Bancorp DE now owns 15,012 shares of the technology company’s stock worth $107,000 after purchasing an additional 2,350 shares in the last quarter. Xponance Inc. grew its holdings in Lumen Technologies by 4.0% in the second quarter. Xponance Inc. now owns 64,444 shares of the technology company’s stock valued at $71,000 after purchasing an additional 2,487 shares during the last quarter. Finally, Arkadios Wealth Advisors increased its position in shares of Lumen Technologies by 23.6% in the third quarter. Arkadios Wealth Advisors now owns 13,367 shares of the technology company’s stock valued at $95,000 after buying an additional 2,554 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Stock Down 2.5 %

Shares of NYSE LUMN opened at $7.55 on Thursday. The firm has a market cap of $7.66 billion, a P/E ratio of -3.48 and a beta of 1.21. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.20 and a current ratio of 1.20. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33. The firm’s 50 day moving average price is $7.07 and its 200 day moving average price is $4.16.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $3.21 billion. During the same period in the prior year, the firm earned ($0.09) EPS. Lumen Technologies’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.38 earnings per share for the current year.

Analyst Ratings Changes

LUMN has been the topic of several recent research reports. Bank of America boosted their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research report on Thursday, August 8th. Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their price target for the company from $1.75 to $4.00 in a research report on Friday, August 16th. The Goldman Sachs Group lifted their price objective on Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. TD Cowen reduced their target price on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Finally, Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and raised their price target for the stock from $1.25 to $3.15 in a research report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $4.02.

Insider Buying and Selling at Lumen Technologies

In related news, Director James Fowler purchased 10,000 shares of the firm’s 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 acquisition, the director now directly owns 384,056 shares in the company, valued at $1,805,063.20. This trade represents a 2.67 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. 1.68% of the stock is owned by company insiders.

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.