Bank of Nova Scotia Reduces Position in Lumen Technologies, Inc. (NYSE:LUMN)

Bank of Nova Scotia cut its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMNGet Rating) by 32.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 77,257 shares of the technology company’s stock after selling 36,660 shares during the quarter. Bank of Nova Scotia’s holdings in Lumen Technologies were worth $842,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Tcwp LLC bought a new stake in shares of Lumen Technologies during the first quarter valued at about $27,000. Wellington Shields Capital Management LLC bought a new stake in shares of Lumen Technologies during the first quarter valued at about $27,000. Parkside Financial Bank & Trust increased its position in shares of Lumen Technologies by 184.2% during the second quarter. Parkside Financial Bank & Trust now owns 2,865 shares of the technology company’s stock valued at $32,000 after buying an additional 1,857 shares during the period. Sittner & Nelson LLC bought a new stake in shares of Lumen Technologies during the first quarter valued at about $39,000. Finally, CX Institutional bought a new stake in shares of Lumen Technologies during the second quarter valued at about $50,000. 79.02% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director T Michael Glenn bought 20,000 shares of the business’s stock in a transaction on Friday, November 4th. The stock was acquired at an average price of $5.92 per share, with a total value of $118,400.00. Following the completion of the purchase, the director now directly owns 136,414 shares in the company, valued at $807,570.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Martha Helena Bejar acquired 12,500 shares of the company’s stock in a transaction dated Tuesday, November 8th. The stock was purchased at an average price of $6.36 per share, with a total value of $79,500.00. Following the completion of the purchase, the director now owns 101,430 shares in the company, valued at approximately $645,094.80. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director T Michael Glenn acquired 20,000 shares of the company’s stock in a transaction dated Friday, November 4th. The shares were bought at an average cost of $5.92 per share, with a total value of $118,400.00. Following the purchase, the director now owns 136,414 shares of the company’s stock, valued at approximately $807,570.88. The disclosure for this purchase can be found here. 0.76% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on LUMN shares. UBS Group decreased their price target on Lumen Technologies from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, November 3rd. Moffett Nathanson decreased their price objective on shares of Lumen Technologies to $6.00 in a research report on Thursday, September 29th. Citigroup decreased their price objective on shares of Lumen Technologies from $11.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, October 13th. JPMorgan Chase & Co. decreased their price objective on shares of Lumen Technologies from $10.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, November 3rd. Finally, Royal Bank of Canada decreased their price objective on shares of Lumen Technologies from $11.00 to $6.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 20th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat.com, Lumen Technologies presently has an average rating of “Hold” and a consensus target price of $7.14.

Lumen Technologies Stock Down 0.2 %

Shares of LUMN opened at $5.87 on Friday. The firm has a market cap of $6.07 billion, a P/E ratio of 2.94 and a beta of 1.06. The stock has a 50 day simple moving average of $7.21 and a two-hundred day simple moving average of $9.66. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.08 and a quick ratio of 1.08. Lumen Technologies, Inc. has a 1 year low of $5.68 and a 1 year high of $14.00.

Lumen Technologies Company Profile

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Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services under the Lumen, Quantum Fiber, and CenturyLink brands to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets.

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Institutional Ownership by Quarter for Lumen Technologies (NYSE:LUMN)

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