Connor Clark & Lunn Investment Management Ltd. Invests $8.90 Million in Lumen Technologies, Inc. (NYSE:LUMN)

Posted by Stephan Byrd on May 26th, 2023

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Lumen Technologies, Inc. (NYSE:LUMN – Get Rating) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,704,300 shares of the technology company’s stock, valued at approximately $8,896,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.16% of Lumen Technologies as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Banque Cantonale Vaudoise increased its holdings in Lumen Technologies by 237.7% during the fourth quarter. Banque Cantonale Vaudoise now owns 372,524 shares of the technology company’s stock worth $1,945,000 after buying an additional 262,200 shares during the last quarter. Argent Trust Co increased its holdings in Lumen Technologies by 40.5% during the fourth quarter. Argent Trust Co now owns 365,502 shares of the technology company’s stock worth $1,908,000 after buying an additional 105,396 shares during the last quarter. HRT Financial LP acquired a new position in Lumen Technologies during the fourth quarter worth $3,284,000. Patton Fund Management Inc. acquired a new position in Lumen Technologies during the fourth quarter worth $163,000. Finally, CoreCap Advisors LLC increased its holdings in Lumen Technologies by 78.1% during the fourth quarter. CoreCap Advisors LLC now owns 27,319 shares of the technology company’s stock worth $143,000 after buying an additional 11,983 shares during the last quarter. Institutional investors own 76.03% of the company’s stock.

Lumen Technologies Stock Performance

Shares of Lumen Technologies stock opened at $1.88 on Friday. The firm has a 50-day moving average of $2.37 and a 200-day moving average of $4.04. Lumen Technologies, Inc. has a 52-week low of $1.85 and a 52-week high of $12.54. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.11 and a quick ratio of 1.11.

Lumen Technologies (NYSE:LUMN – Get Rating) last announced its earnings results on Tuesday, May 2nd. The technology company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). Lumen Technologies had a negative net margin of 9.89% and a positive return on equity of 8.87%. The business had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same period in the previous year, the firm posted $0.63 EPS. The company’s revenue was down 20.1% compared to the same quarter last year. As a group, equities analysts forecast that Lumen Technologies, Inc. will post 0.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Morgan Stanley decreased their price objective on shares of Lumen Technologies from $6.00 to $2.50 and set an “underweight” rating on the stock in a report on Monday, March 13th. The Goldman Sachs Group decreased their price objective on shares of Lumen Technologies from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Wednesday, February 8th. Citigroup downgraded shares of Lumen Technologies from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $6.25 to $3.50 in a report on Wednesday, February 8th. TheStreet downgraded shares of Lumen Technologies from a “c” rating to a “d” rating in a report on Tuesday, February 7th. Finally, Bank of America decreased their price objective on shares of Lumen Technologies from $4.00 to $2.00 in a report on Thursday, May 4th. Three analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat, Lumen Technologies has a consensus rating of “Hold” and a consensus price target of $5.11.

About Lumen Technologies

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Lumen Technologies, Inc is an investment holding company, which engages in the provision of integrated communications to residential and business customers. It operates through the following segments: Business and Mass Markets. Business segment provides products and services under four sales channels to enterprise and commercial customers.