FORA Capital LLC Takes $2.91 Million Position in Lumen Technologies, Inc. (NYSE:LUMN)

FORA Capital LLC acquired a new position in Lumen Technologies, Inc. (NYSE:LUMN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 409,689 shares of the technology company’s stock, valued at approximately $2,909,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Glenmede Trust Co. NA grew its stake in shares of Lumen Technologies by 51.6% during the 3rd quarter. Glenmede Trust Co. NA now owns 23,961 shares of the technology company’s stock worth $170,000 after acquiring an additional 8,152 shares during the period. Townsquare Capital LLC lifted its holdings in Lumen Technologies by 79.7% during the third quarter. Townsquare Capital LLC now owns 34,582 shares of the technology company’s stock valued at $246,000 after purchasing an additional 15,342 shares during the last quarter. Quantbot Technologies LP bought a new position in Lumen Technologies during the third quarter worth about $733,000. The Manufacturers Life Insurance Company increased its stake in shares of Lumen Technologies by 9.4% in the third quarter. The Manufacturers Life Insurance Company now owns 557,868 shares of the technology company’s stock worth $3,961,000 after purchasing an additional 48,007 shares in the last quarter. Finally, Algert Global LLC raised its position in shares of Lumen Technologies by 188.6% in the third quarter. Algert Global LLC now owns 293,530 shares of the technology company’s stock valued at $2,084,000 after purchasing an additional 191,830 shares during the period. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Lumen Technologies news, Director James Fowler purchased 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was acquired 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 of the company’s stock, valued at approximately $1,805,063.20. This trade represents a 2.67 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.68% of the company’s stock.

Lumen Technologies Price Performance

Lumen Technologies stock traded down $0.17 during mid-day trading on Wednesday, hitting $7.48. 1,577,651 shares of the company traded hands, compared to its average volume of 19,662,654. 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 one year low of $0.97 and a one year high of $10.33. The stock has a fifty day moving average price of $7.18 and a 200-day moving average price of $4.32.

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. Analysts forecast that Lumen Technologies, Inc. will post -0.38 EPS for the current year.

Analyst Upgrades and Downgrades

LUMN has been the subject of a number of recent research reports. JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $1.25 to $3.15 in a report on Tuesday, August 6th. The Goldman Sachs Group lifted their target price on Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Wells Fargo & Company lowered shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $1.75 to $4.00 in a research report on Friday, August 16th. Finally, Bank of America upped their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $4.02.

Lumen Technologies 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.