Mackenzie Financial Corp Sells 725,681 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Key Points

• Mackenzie Financial Corp has reduced its holdings in Lumen Technologies by 91.9%, selling over 725,000 shares and maintaining 64,350 shares valued at $252,000.
• Lumen Technologies reported a quarterly earnings per share (EPS) of ($0.03), which exceeded analyst expectations of ($0.24), although its revenue declined 5.4% year-over-year.
• CEO Kathleen E. Johnson purchased 135,870 shares of Lumen Technologies stock at an average price of $3.69 per share, increasing her ownership in the company.

Mackenzie Financial Corp cut its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 91.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 64,350 shares of the technology company's stock after selling 725,681 shares during the quarter. Mackenzie Financial Corp's holdings in Lumen Technologies were worth $252,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of LUMN. Lazard Asset Management LLC raised its holdings in shares of Lumen Technologies by 3,825.7% during the 4th quarter. Lazard Asset Management LLC now owns 7,498 shares of the technology company's stock valued at $39,000 after buying an additional 7,307 shares during the period. Conning Inc. acquired a new stake in Lumen Technologies during the 1st quarter valued at approximately $39,000. Quantinno Capital Management LP acquired a new stake in Lumen Technologies during the 4th quarter valued at approximately $54,000. OneDigital Investment Advisors LLC acquired a new position in shares of Lumen Technologies in the 1st quarter worth approximately $41,000. Finally, Seeds Investor LLC acquired a new position in shares of Lumen Technologies in the 4th quarter worth approximately $57,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Transactions at Lumen Technologies

In other news, CEO Kathleen E. Johnson purchased 135,870 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were purchased at an average cost of $3.69 per share, for a total transaction of $501,360.30. Following the completion of the purchase, the chief executive officer directly owned 9,616,947 shares of the company's stock, valued at approximately $35,486,534.43. The trade was a 1.43% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is owned by corporate insiders.

Lumen Technologies Stock Up 5.9%

Shares of NYSE:LUMN traded up $0.22 on Tuesday, reaching $3.96. The company had a trading volume of 13,335,048 shares, compared to its average volume of 11,468,572. Lumen Technologies, Inc. has a twelve month low of $3.01 and a twelve month high of $10.33. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 59.98. The stock has a market capitalization of $4.06 billion, a P/E ratio of -3.36 and a beta of 1.43. The stock has a 50-day moving average price of $4.24 and a 200 day moving average price of $4.25.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The technology company reported ($0.03) earnings per share for the quarter, topping 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 business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.11 billion. During the same quarter in the previous year, the firm earned ($0.13) EPS. The firm's revenue was down 5.4% compared to the same quarter last year. On average, equities analysts expect that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

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.