Algert Global LLC Purchases 191,830 Shares of Lumen Technologies, Inc. (NYSE:LUMN)

Algert Global LLC increased its stake in Lumen Technologies, Inc. (NYSE:LUMN) by 188.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 293,530 shares of the technology company’s stock after buying an additional 191,830 shares during the period. Algert Global LLC’s holdings in Lumen Technologies were worth $2,084,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. bought a new stake in Lumen Technologies in the 3rd quarter valued at about $433,000. Congress Asset Management Co. purchased a new position in shares of Lumen Technologies in the third quarter worth about $2,592,000. Quadrature Capital Ltd bought a new stake in shares of Lumen Technologies in the first quarter valued at approximately $468,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Lumen Technologies by 9.9% during 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 buying an additional 294,679 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Lumen Technologies by 267.4% in the 2nd quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock worth $260,000 after buying an additional 172,040 shares during the period. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Lumen Technologies Stock Down 3.7 %

LUMN stock opened at $7.37 on Thursday. The company’s 50 day moving average is $7.20 and its 200 day moving average is $4.36. The stock has a market cap of $7.47 billion, a price-to-earnings ratio of -3.41 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. Lumen Technologies, Inc. has a 1-year low of $0.97 and a 1-year high of $10.33.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.21 billion. During the same quarter last year, the firm posted ($0.09) earnings per share. The firm’s revenue was down 11.5% on a year-over-year basis. Sell-side analysts predict that Lumen Technologies, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In other Lumen Technologies news, Director James Fowler bought 10,000 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $4.70 per share, with a total value of $47,000.00. Following the acquisition, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. This trade represents a 2.67 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.68% of the company’s stock.

Analysts Set New Price Targets

LUMN has been the topic of several recent research reports. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and increased their target price for the stock from $1.75 to $4.00 in a research report on Friday, August 16th. Bank of America raised their target price on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and upped their price target for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research report on Wednesday, August 7th. Finally, Moffett Nathanson upped their target price on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $4.02.

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.