Intech Investment Management LLC Boosts Holdings in Lumen Technologies, Inc. (NYSE:LUMN)

Intech Investment Management LLC grew its holdings in Lumen Technologies, Inc. (NYSE:LUMN) by 203.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 404,207 shares of the technology company’s stock after purchasing an additional 271,118 shares during the quarter. Intech Investment Management LLC’s holdings in Lumen Technologies were worth $2,870,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Crossmark Global Holdings Inc. acquired a new stake in Lumen Technologies during the 3rd quarter valued at $433,000. Congress Asset Management Co. acquired a new stake in shares of Lumen Technologies during the third quarter valued at $2,592,000. Quadrature Capital Ltd purchased a new stake in Lumen Technologies during the 1st quarter worth about $468,000. Mackenzie Financial Corp raised its stake in Lumen Technologies by 267.4% in the 2nd quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock valued at $260,000 after purchasing an additional 172,040 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Lumen Technologies by 9.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,265,415 shares of the technology company’s stock valued at $23,184,000 after purchasing an additional 294,679 shares in the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Price Performance

LUMN stock opened at $7.88 on Friday. The company has a market cap of $8.00 billion, a PE ratio of -3.63 and a beta of 1.21. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. The stock has a 50-day moving average price of $7.15 and a two-hundred day moving average price of $4.25. Lumen Technologies, Inc. has a 12-month low of $0.97 and a 12-month high of $10.33.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.21 billion. During the same period last year, the company posted ($0.09) EPS. The firm’s revenue for the quarter was down 11.5% compared to the same quarter last year. As a group, research analysts predict that Lumen Technologies, Inc. will post -0.38 EPS for the current year.

Insider Activity at Lumen Technologies

In related news, Director James Fowler bought 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the acquisition, the director now owns 384,056 shares in the company, valued at $1,805,063.20. This represents a 2.67 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on LUMN shares. Citigroup upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $1.25 to $3.15 in a report on Tuesday, August 6th. Bank of America lifted their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. Wells Fargo & Company lowered Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their price target for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Finally, UBS Group upped their target price on Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $4.02.

Lumen Technologies 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.