Cidel Asset Management Inc. Reduces Stock Holdings in Lumen Technologies, Inc. $LUMN

Cidel Asset Management Inc. lowered its position in Lumen Technologies, Inc. (NYSE:LUMN) by 39.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 69,754 shares of the technology company’s stock after selling 44,541 shares during the quarter. Cidel Asset Management Inc.’s holdings in Lumen Technologies were worth $306,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Farther Finance Advisors LLC grew its holdings in shares of Lumen Technologies by 132.3% in the second quarter. Farther Finance Advisors LLC now owns 5,954 shares of the technology company’s stock valued at $26,000 after purchasing an additional 3,391 shares during the period. Conning Inc. purchased a new stake in shares of Lumen Technologies in the first quarter valued at about $39,000. OneDigital Investment Advisors LLC purchased a new stake in shares of Lumen Technologies in the first quarter valued at about $41,000. Meeder Advisory Services Inc. purchased a new position in Lumen Technologies during the first quarter worth about $41,000. Finally, Ritholtz Wealth Management purchased a new position in Lumen Technologies during the first quarter worth about $43,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. The Goldman Sachs Group increased their target price on shares of Lumen Technologies from $4.10 to $4.60 and gave the stock a “neutral” rating in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a research note on Wednesday, October 8th. Citigroup increased their target price on shares of Lumen Technologies from $6.00 to $7.50 and gave the stock a “buy” rating in a research note on Thursday, September 25th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 3rd. Finally, BNP Paribas raised shares of Lumen Technologies to a “hold” rating in a research note on Wednesday, June 25th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Lumen Technologies presently has a consensus rating of “Hold” and a consensus price target of $5.39.

Insider Activity at Lumen Technologies

In other news, CEO Kathleen E. Johnson bought 135,870 shares of Lumen Technologies stock in a transaction that occurred on Tuesday, August 5th. The shares were purchased at an average price of $3.69 per share, with a total value of $501,360.30. Following the completion of the acquisition, the chief executive officer directly owned 9,616,947 shares in the company, valued at $35,486,534.43. The trade was a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Christopher Stansbury bought 40,000 shares of Lumen Technologies stock in a transaction that occurred on Friday, August 15th. The stock was purchased at an average cost of $4.44 per share, for a total transaction of $177,600.00. Following the acquisition, the chief financial officer owned 535,000 shares of the company’s stock, valued at $2,375,400. This represents a 8.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 217,870 shares of company stock worth $859,140. 2.30% of the stock is owned by corporate insiders.

Lumen Technologies Trading Down 1.9%

NYSE LUMN opened at $6.89 on Monday. The firm has a 50 day simple moving average of $5.59 and a 200-day simple moving average of $4.56. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13. Lumen Technologies, Inc. has a one year low of $3.01 and a one year high of $10.33. The firm has a market cap of $7.06 billion, a price-to-earnings ratio of -5.83 and a beta of 1.45.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Friday, January 27th. The technology company reported $0.49 EPS for the quarter. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. The business had revenue of $4.05 billion during the quarter. Equities research analysts anticipate that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

About Lumen Technologies

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.