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

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Lumen Technologies by 4.3%, resulting in ownership of 3,856,417 shares valued at approximately $15.1 million.
• Analysts have revised their ratings for Lumen Technologies, with Raymond James Financial increasing the price target from $4.50 to $5.00 and changing its rating to "outperform."
• Despite Lumen Technologies reporting a loss of ($0.03) earnings per share, the results exceeded analyst estimates, while the firm’s revenue experienced a 5.4% year-over-year decline.

Connor Clark & Lunn Investment Management Ltd. lowered its stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 4.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,856,417 shares of the technology company's stock after selling 173,521 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.38% of Lumen Technologies worth $15,117,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in LUMN. O Shaughnessy Asset Management LLC grew its position in shares of Lumen Technologies by 7.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 34,225 shares of the technology company's stock valued at $182,000 after buying an additional 2,457 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Lumen Technologies by 4.9% in the fourth quarter. Wells Fargo & Company MN now owns 878,843 shares of the technology company's stock worth $4,667,000 after acquiring an additional 41,292 shares during the period. Russell Investments Group Ltd. boosted its holdings in Lumen Technologies by 76.5% in the fourth quarter. Russell Investments Group Ltd. now owns 78,492 shares of the technology company's stock valued at $418,000 after acquiring an additional 34,026 shares during the last quarter. Bank of Nova Scotia increased its position in Lumen Technologies by 28.6% during the 4th quarter. Bank of Nova Scotia now owns 13,788 shares of the technology company's stock valued at $73,000 after purchasing an additional 3,069 shares during the period. Finally, Martingale Asset Management L P bought a new position in Lumen Technologies during the 4th quarter worth approximately $243,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Stock Up 9.1%

Lumen Technologies stock traded up $0.36 during midday trading on Wednesday, reaching $4.31. The stock had a trading volume of 14,401,319 shares, compared to its average volume of 11,698,794. The company has a fifty day moving average price of $4.25 and a two-hundred day moving average price of $4.25. Lumen Technologies, Inc. has a 12 month low of $3.01 and a 12 month high of $10.33. 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 company has a market capitalization of $4.42 billion, a P/E ratio of -3.65 and a beta of 1.43.

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

Insider Activity at Lumen Technologies

In related news, CEO Kathleen E. Johnson purchased 135,870 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was acquired at an average price of $3.69 per share, for a total transaction of $501,360.30. Following the purchase, the chief executive officer owned 9,616,947 shares of the company's stock, valued at approximately $35,486,534.43. This trade represents a 1.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Raymond James Financial boosted their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a report on Friday, August 1st. BNP Paribas raised Lumen Technologies to a "hold" rating in a research note on Wednesday, June 25th. Finally, Wall Street Zen raised Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $5.29.

About Lumen Technologies

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.