3,224,852 Shares in Lumen Technologies, Inc. $LUMN Acquired by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management acquired 3.22 million Lumen Technologies shares worth approximately $24.8 million, giving it a 0.31% stake. Institutional investors collectively own 66.19% of LUMN.
• Lumen’s latest quarter exceeded expectations, with adjusted earnings of a $0.07 loss per share versus the expected $0.13 loss and revenue of $2.81 billion. However, revenue declined 9.3% year over year.
• Analyst sentiment remains cautious: nine analysts rate LUMN as a Hold and one as a Sell, producing an average “Reduce” rating and a $7.86 price target. The stock opened at $5.66, below both its 50-day and 200-day moving averages.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,224,852 shares of the technology company's stock, valued at approximately $24,767,000. Connor Clark & Lunn Investment Management Ltd. owned 0.31% of Lumen Technologies as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in shares of Lumen Technologies by 324.7% during the 4th quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company's stock worth $172,585,000 after buying an additional 16,981,326 shares during the last quarter. Norges Bank acquired a new position in Lumen Technologies in the fourth quarter valued at $106,557,000. Price T Rowe Associates Inc. MD grew its position in Lumen Technologies by 737.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,043,124 shares of the technology company's stock valued at $62,496,000 after acquiring an additional 7,082,560 shares during the period. Bank of New York Mellon Corp increased its stake in Lumen Technologies by 87.2% during the second quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company's stock worth $80,558,000 after acquiring an additional 4,886,999 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Lumen Technologies by 3.5% in the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company's stock worth $1,092,571,000 after purchasing an additional 4,796,141 shares during the period. 66.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LUMN has been the topic of a number of recent research reports. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Lumen Technologies in a report on Friday, July 17th. JPMorgan Chase & Co. boosted their price target on Lumen Technologies from $6.00 to $7.00 and gave the stock a "neutral" rating in a research report on Monday, May 11th. Wells Fargo & Company decreased their price target on Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating for the company in a report on Wednesday, August 5th. Finally, UBS Group lifted their price objective on shares of Lumen Technologies from $6.00 to $8.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. Nine investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $7.86.

Lumen Technologies Price Performance

Shares of Lumen Technologies stock opened at $5.66 on Tuesday. Lumen Technologies, Inc. has a 1-year low of $4.57 and a 1-year high of $11.95. The company has a market capitalization of $5.84 billion, a PE ratio of -5.55 and a beta of 1.79. The business has a 50-day moving average of $6.77 and a 200-day moving average of $7.63.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.06. The business had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.74 billion. The company's revenue was down 9.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.03) EPS. On average, equities analysts expect that Lumen Technologies, Inc. will post -0.42 earnings per share for the current fiscal year.

Insider Activity

In other Lumen Technologies news, CEO Kathleen E. Johnson bought 100,000 shares of the business's stock in a transaction on Thursday, August 6th. The shares were bought at an average cost of $6.13 per share, with a total value of $613,000.00. Following the transaction, the chief executive officer directly owned 100,000 shares in the company, valued at approximately $613,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is currently owned by insiders.

Lumen Technologies Company Profile

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.

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