Cibc World Markets Corp Takes $503,000 Position in Lumen Technologies, Inc. (NYSE:LUMN)

Cibc World Markets Corp bought a new stake in Lumen Technologies, Inc. (NYSE:LUMN) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 94,732 shares of the technology company’s stock, valued at approximately $503,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. increased its position in Lumen Technologies by 15.8% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 20,852 shares of the technology company’s stock valued at $111,000 after acquiring an additional 2,844 shares during the period. Catalyst Funds Management Pty Ltd increased its position in Lumen Technologies by 2,281.0% in the 4th quarter. Catalyst Funds Management Pty Ltd now owns 100,000 shares of the technology company’s stock valued at $531,000 after acquiring an additional 95,800 shares during the period. Madison Investment Advisors LLC acquired a new position in Lumen Technologies in the 4th quarter valued at about $658,000. Vestcor Inc acquired a new position in Lumen Technologies in the 4th quarter valued at about $245,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Lumen Technologies by 23.4% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,029,938 shares of the technology company’s stock valued at $21,399,000 after acquiring an additional 764,523 shares during the period. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Price Performance

LUMN stock opened at $4.94 on Friday. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33. The company has a debt-to-equity ratio of 37.70, a quick ratio of 1.20 and a current ratio of 1.21. The stock’s 50 day moving average price is $5.01 and its 200 day moving average price is $6.08. The firm has a market cap of $5.00 billion, a P/E ratio of -98.68 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. On average, sell-side analysts expect that Lumen Technologies, Inc. will post -0.87 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on LUMN. Wells Fargo & Company upgraded Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 target price on the stock in a research report on Friday, February 21st. Citigroup upgraded Lumen Technologies from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $8.00 to $6.50 in a research report on Wednesday, February 26th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $4.25 price target on shares of Lumen Technologies in a research note on Monday, February 10th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $4.59.

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.