Connor Clark & Lunn Investment Management Ltd. Grows Stock Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 9.9% during the third quarter, HoldingsChannel.com reports. The fund owned 3,265,415 shares of the technology company’s stock after purchasing an additional 294,679 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Lumen Technologies were worth $23,184,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Millennium Management LLC lifted its stake in shares of Lumen Technologies by 129.8% in the second quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after acquiring an additional 4,436,710 shares in the last quarter. Front Street Capital Management Inc. raised its position in shares of Lumen Technologies by 30.1% in the 2nd quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock valued at $12,827,000 after purchasing an additional 2,697,423 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Lumen Technologies by 1,081.0% during the 3rd quarter. Victory Capital Management Inc. now owns 2,368,911 shares of the technology company’s stock valued at $16,819,000 after buying an additional 2,168,325 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Lumen Technologies by 1.7% during the first quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after buying an additional 1,975,400 shares in the last quarter. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of Lumen Technologies in the third quarter worth $10,062,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

Insider Buying and Selling

In other news, Director James Fowler bought 10,000 shares of the firm’s stock in a transaction on 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 completion of the acquisition, the director now directly owns 384,056 shares in the company, valued at $1,805,063.20. This represents a 2.67 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.68% of the company’s stock.

Lumen Technologies Price Performance

NYSE:LUMN opened at $7.55 on Thursday. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05. The business’s 50-day moving average price is $7.07 and its 200 day moving average price is $4.16. Lumen Technologies, Inc. has a 52-week low of $0.97 and a 52-week high of $10.33. The firm has a market cap of $7.66 billion, a P/E ratio of -3.48 and a beta of 1.21.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.21 billion. Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The company’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.09) earnings per share. As a group, sell-side analysts predict that Lumen Technologies, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LUMN. The Goldman Sachs Group boosted their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. UBS Group boosted their price objective on Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Moffett Nathanson increased their target price on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their price target for the company from $1.75 to $4.00 in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $4.02.

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.