Carronade Capital Management LP Takes $3.74 Million Position in Lumen Technologies, Inc. $LUMN

Key Points

• Carronade Capital Management LP has acquired a new stake in Lumen Technologies, purchasing 952,956 shares valued at approximately $3.7 million, making it the firm's 27th largest holding.
• Lumen Technologies recently received upgrades from analysts, with Raymond James Financial raising its price target from $4.50 to $5.00, now assigning an "outperform" rating.
• Insider trading activity included substantial stock purchases by CEO Kathleen E. Johnson and CFO Christopher Stansbury, indicating confidence in the company's future performance.

Carronade Capital Management LP bought a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 952,956 shares of the technology company's stock, valued at approximately $3,736,000. Lumen Technologies comprises 0.2% of Carronade Capital Management LP's portfolio, making the stock its 27th largest holding. Carronade Capital Management LP owned about 0.09% of Lumen Technologies at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LUMN. Marshall Wace LLP acquired a new position in Lumen Technologies during the fourth quarter worth about $61,000. Stifel Financial Corp raised its position in Lumen Technologies by 34.8% during the fourth quarter. Stifel Financial Corp now owns 166,335 shares of the technology company's stock worth $883,000 after acquiring an additional 42,950 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Lumen Technologies by 8.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 809,269 shares of the technology company's stock worth $4,298,000 after acquiring an additional 65,168 shares during the last quarter. Northern Trust Corp raised its position in Lumen Technologies by 8.6% during the fourth quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company's stock worth $65,602,000 after acquiring an additional 982,206 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC increased its position in Lumen Technologies by 113.4% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 64,812 shares of the technology company's stock worth $344,000 after purchasing an additional 34,442 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company's stock.

Lumen Technologies Trading Down 4.5%

LUMN traded down $0.23 during midday trading on Friday, hitting $4.75. The company's stock had a trading volume of 16,211,132 shares, compared to its average volume of 12,353,561. The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt-to-equity ratio of 59.98. The firm has a market cap of $4.87 billion, a P/E ratio of -4.02 and a beta of 1.42. The firm has a 50-day moving average price of $4.44 and a two-hundred day moving average price of $4.23. Lumen Technologies, Inc. has a 52-week low of $3.01 and a 52-week high of $10.33.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The technology company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.21. The company had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.11 billion. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.The firm's revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.13) EPS. On average, research analysts anticipate that Lumen Technologies, Inc. will post -0.87 earnings per share for the current year.

Insider Buying and Selling

In other Lumen Technologies news, CFO Christopher Stansbury bought 40,000 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was purchased at an average price of $4.44 per share, with a total value of $177,600.00. Following the transaction, the chief financial officer owned 535,000 shares in the company, valued at $2,375,400. This trade represents a 8.08% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Kathleen E. Johnson purchased 135,870 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was bought at an average price of $3.69 per share, with a total value of $501,360.30. Following the completion of the acquisition, the chief executive officer owned 9,616,947 shares in the company, valued at $35,486,534.43. This represents a 1.43% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 217,870 shares of company stock valued at $859,140. Corporate insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on LUMN. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Raymond James Financial raised their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. BNP Paribas upgraded Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Finally, The Goldman Sachs Group began coverage on Lumen Technologies in a report on Tuesday. They issued a "neutral" rating and a $4.10 price target for the company. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $5.14.

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.