Connor Clark & Lunn Investment Management Ltd. Takes Position in Lumen Technologies, Inc. $LUMN

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 3,224,852 shares of the technology company’s stock, valued at approximately $24,767,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Kemnay Advisory Services Inc. acquired a new stake in Lumen Technologies during the fourth quarter valued at approximately $25,000. Ascentis Independent Advisors bought a new position in Lumen Technologies during the 1st quarter worth approximately $27,000. International Assets Investment Management LLC acquired a new position in shares of Lumen Technologies in the 4th quarter worth approximately $30,000. Versant Capital Management Inc increased its holdings in shares of Lumen Technologies by 90.3% in the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock valued at $30,000 after acquiring an additional 1,860 shares during the last quarter. Finally, Trust Asset Management LLC bought a new stake in shares of Lumen Technologies in the 2nd quarter valued at approximately $34,000. 66.19% of the stock is owned by institutional investors.

Insider Activity at Lumen Technologies

In other news, CEO Kathleen E. Johnson purchased 100,000 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were bought at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the purchase, the chief executive officer owned 100,000 shares of the company’s stock, valued at $613,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Lumen Technologies Price Performance

NYSE:LUMN opened at $5.66 on Tuesday. Lumen Technologies, Inc. has a 12-month low of $4.57 and a 12-month high of $11.95. The firm has a market capitalization of $5.84 billion, a P/E ratio of -5.55 and a beta of 1.79. The business has a 50 day simple moving average of $6.77 and a 200 day simple moving average of $7.63.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.06. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.74 billion. Lumen Technologies’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) earnings per share. Research analysts anticipate that Lumen Technologies, Inc. will post -0.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on LUMN. Wells Fargo & Company reduced their price objective on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a research note on Wednesday, August 5th. JPMorgan Chase & Co. increased their target price on shares of Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Citigroup reduced their price target on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. Zacks Research lowered shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Nine investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Lumen Technologies currently has a consensus rating of “Reduce” and an average target price of $7.86.

About Lumen Technologies

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.