Credit Capital Investments LLC Acquires 90,000 Shares of Lumen Technologies, Inc. $LUMN

Key Points

• Credit Capital Investments LLC boosted its Lumen stake by 150%, buying an additional 90,000 shares to hold 150,000 shares worth about $657,000, making Lumen 0.9% of its portfolio and its 17th largest holding.
• Other institutions also increased exposure—Jupiter Asset Management added roughly 1.72 million shares and Connor Clark & Lunn added about 757,000 shares—leaving institutional investors with 66.19% ownership of Lumen.
• Lumen shares opened at $8.55 and were trading down 7.6%, with a market cap of $8.77 billion, negative EPS/PE metrics, a MarketBeat consensus rating of Hold (target $5.97), and CFO Christopher Stansbury recently buying 40,000 shares at $4.44.

Credit Capital Investments LLC raised its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 150.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 150,000 shares of the technology company's stock after purchasing an additional 90,000 shares during the quarter. Lumen Technologies accounts for 0.9% of Credit Capital Investments LLC's portfolio, making the stock its 17th largest holding. Credit Capital Investments LLC's holdings in Lumen Technologies were worth $657,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Candriam S.C.A. bought a new stake in Lumen Technologies in the second quarter valued at $48,000. PNC Financial Services Group Inc. grew its holdings in shares of Lumen Technologies by 34.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 53,226 shares of the technology company's stock worth $233,000 after purchasing an additional 13,702 shares during the last quarter. Jupiter Asset Management Ltd. increased its position in shares of Lumen Technologies by 162.3% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 2,786,366 shares of the technology company's stock worth $12,204,000 after purchasing an additional 1,724,088 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Lumen Technologies by 19.6% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,613,499 shares of the technology company's stock valued at $20,207,000 after purchasing an additional 757,082 shares during the last quarter. Finally, Bryce Point Capital LLC acquired a new position in Lumen Technologies in the second quarter valued at about $169,000. Institutional investors own 66.19% of the company's stock.

Lumen Technologies Trading Down 7.6%

LUMN stock opened at $8.55 on Thursday. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 59.98. Lumen Technologies, Inc. has a twelve month low of $3.01 and a twelve month high of $11.95. The company has a market cap of $8.77 billion, a P/E ratio of -7.24 and a beta of 1.45. The business has a fifty day moving average of $7.37 and a 200-day moving average of $5.34.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings results on Friday, January 27th. The technology company reported $0.49 earnings per share (EPS) for the quarter. The business had revenue of $4.05 billion for the quarter. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%. As a group, equities research analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Insider Activity at Lumen Technologies

In other Lumen Technologies news, CFO Christopher Stansbury purchased 40,000 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was acquired at an average cost of $4.44 per share, with a total value of $177,600.00. Following the completion of the purchase, the chief financial officer directly owned 535,000 shares in the company, valued at approximately $2,375,400. This represents a 8.08% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

LUMN has been the subject of several recent analyst reports. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday. The Goldman Sachs Group raised their price target on Lumen Technologies from $4.10 to $4.60 and gave the company a "neutral" rating in a report on Friday, October 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Lumen Technologies in a research report on Wednesday, October 8th. Citigroup lowered Lumen Technologies from a "buy" rating to a "neutral" rating and set a $11.00 target price for the company. in a research note on Friday, October 31st. Finally, Raymond James Financial lifted their price target on Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a report on Friday, August 1st. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $5.97.

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.

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