Cibc World Markets Corp Makes New $584,000 Investment in Lumen Technologies, Inc. (NYSE:LUMN)

Cibc World Markets Corp bought a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN – Get Rating) in the 4th quarter, HoldingsChannel.com reports. The fund bought 111,900 shares of the technology company’s stock, valued at approximately $584,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LUMN. Invesco Ltd. increased its stake in Lumen Technologies by 24.1% during the first quarter. Invesco Ltd. now owns 15,016,053 shares of the technology company’s stock worth $169,230,000 after acquiring an additional 2,919,199 shares during the last quarter. Vanguard Group Inc. increased its stake in Lumen Technologies by 2.4% during the first quarter. Vanguard Group Inc. now owns 116,137,605 shares of the technology company’s stock worth $1,308,871,000 after acquiring an additional 2,726,090 shares during the last quarter. First Trust Advisors LP increased its stake in Lumen Technologies by 16.3% during the third quarter. First Trust Advisors LP now owns 15,765,686 shares of the technology company’s stock worth $114,774,000 after acquiring an additional 2,207,488 shares during the last quarter. State Street Corp increased its stake in Lumen Technologies by 2.8% during the third quarter. State Street Corp now owns 61,929,635 shares of the technology company’s stock worth $450,848,000 after acquiring an additional 1,711,464 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in Lumen Technologies by 14.5% during the third quarter. Marshall Wace LLP now owns 11,249,889 shares of the technology company’s stock worth $81,901,000 after acquiring an additional 1,424,492 shares during the last quarter. Institutional investors and hedge funds own 76.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on LUMN shares. Bank of America dropped their price objective on Lumen Technologies from $4.00 to $2.00 in a research note on Thursday, May 4th. Citigroup cut Lumen Technologies from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $6.25 to $3.50 in a research note on Wednesday, February 8th. Morgan Stanley dropped their price objective on Lumen Technologies from $6.00 to $2.50 and set an “underweight” rating for the company in a research note on Monday, March 13th. The Goldman Sachs Group dropped their price objective on Lumen Technologies from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Wednesday, February 8th. Finally, TheStreet cut Lumen Technologies from a “c” rating to a “d” rating in a research note on Tuesday, February 7th. Three analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat, Lumen Technologies presently has an average rating of “Hold” and a consensus target price of $5.11.

Lumen Technologies Trading Down 6.4 %

NYSE:LUMN opened at $2.35 on Monday. The firm has a market cap of $2.36 billion, a PE ratio of -1.42 and a beta of 1.01. The stock has a fifty day moving average price of $2.42 and a 200 day moving average price of $4.12. Lumen Technologies, Inc. has a 12-month low of $2.06 and a 12-month high of $12.54. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.80.

Lumen Technologies (NYSE:LUMN – Get Rating) last announced its quarterly earnings results on Tuesday, May 2nd. The technology company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The business had revenue of $3.74 billion for the quarter, compared to analysts’ expectations of $3.73 billion. Lumen Technologies had a positive return on equity of 8.87% and a negative net margin of 9.89%. The firm’s quarterly revenue was down 20.1% on a year-over-year basis. During the same period last year, the firm earned $0.63 earnings per share. Sell-side analysts anticipate that Lumen Technologies, Inc. will post 0.4 earnings per share for the current fiscal year.

Lumen Technologies Profile

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Lumen Technologies, Inc is an investment holding company, which engages in the provision of integrated communications to residential and business customers. It operates through the following segments: Business and Mass Markets. Business segment provides products and services under four sales channels to enterprise and commercial customers.