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

Algert Global LLC raised its position in Lumen Technologies, Inc. (NYSE:LUMN) by 188.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 293,530 shares of the technology company’s stock after purchasing an additional 191,830 shares during the quarter. Algert Global LLC’s holdings in Lumen Technologies were worth $2,084,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in LUMN. Cerity Partners LLC lifted its holdings in shares of Lumen Technologies by 120.2% during the third quarter. Cerity Partners LLC now owns 113,025 shares of the technology company’s stock worth $802,000 after purchasing an additional 61,689 shares during the period. Intech Investment Management LLC raised its position in Lumen Technologies by 203.7% during the 3rd quarter. Intech Investment Management LLC now owns 404,207 shares of the technology company’s stock worth $2,870,000 after purchasing an additional 271,118 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in 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 worth $23,184,000 after buying an additional 294,679 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of Lumen Technologies in the third quarter valued at about $87,000. Finally, Avior Wealth Management LLC raised its position in shares of Lumen Technologies by 26.1% during the third quarter. Avior Wealth Management LLC now owns 39,188 shares of the technology company’s stock worth $278,000 after acquiring an additional 8,120 shares during the last quarter. 66.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently commented on LUMN. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Bank of America increased their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research report on Thursday, August 8th. Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their target price for the company from $1.75 to $4.00 in a report on Friday, August 16th. Moffett Nathanson increased their price target on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Finally, TD Cowen dropped their price objective on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $4.02.

Insider Buying and Selling at Lumen Technologies

In related news, Director James Fowler acquired 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $4.70 per share, with a total value of $47,000.00. Following the completion of the purchase, the director now directly owns 384,056 shares in the company, valued at $1,805,063.20. This trade represents a 2.67 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.68% of the company’s stock.

Lumen Technologies Stock Performance

Shares of LUMN opened at $7.37 on Thursday. The stock has a 50-day moving average of $7.20 and a 200-day moving average of $4.36. Lumen Technologies, Inc. has a one year low of $0.97 and a one year high of $10.33. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market cap of $7.47 billion, a PE ratio of -3.41 and a beta of 1.21.

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