Westerly Capital Management LLC Takes $2.66 Million Position in Lumen Technologies, Inc. (NYSE:LUMN)

Westerly Capital Management LLC bought a new stake in Lumen Technologies, Inc. (NYSE:LUMN) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 500,000 shares of the technology company’s stock, valued at approximately $2,655,000. Lumen Technologies accounts for about 1.2% of Westerly Capital Management LLC’s investment portfolio, making the stock its 26th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Kapitalo Investimentos Ltda increased its holdings in Lumen Technologies by 63.9% during the fourth quarter. Kapitalo Investimentos Ltda now owns 73,468 shares of the technology company’s stock worth $390,000 after buying an additional 28,642 shares during the last quarter. Voleon Capital Management LP bought a new position in shares of Lumen Technologies in the fourth quarter worth $642,000. Schonfeld Strategic Advisors LLC increased its stake in Lumen Technologies by 113.4% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 64,812 shares of the technology company’s stock valued at $344,000 after acquiring an additional 34,442 shares during the last quarter. Northern Trust Corp increased its stake in Lumen Technologies by 8.6% in the fourth quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company’s stock valued at $65,602,000 after acquiring an additional 982,206 shares during the last quarter. Finally, Lonestar Capital Management LLC bought a new position in Lumen Technologies in the fourth quarter valued at $2,124,000. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $4.25 price target on shares of Lumen Technologies in a research report on Monday, February 10th. Wells Fargo & Company upgraded shares of Lumen Technologies from an “underweight” rating to an “equal weight” rating and set a $5.00 target price for the company in a report on Friday, February 21st. Finally, Citigroup upgraded shares of Lumen Technologies from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $8.00 to $6.50 in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $4.59.

Lumen Technologies Price Performance

LUMN stock opened at $3.58 on Wednesday. Lumen Technologies, Inc. has a 1 year low of $0.97 and a 1 year high of $10.33. The company has a market cap of $3.67 billion, a P/E ratio of -71.59 and a beta of 1.29. The firm has a 50-day moving average of $4.12 and a 200 day moving average of $5.52. The company has a debt-to-equity ratio of 37.70, a current ratio of 1.21 and a quick ratio of 1.20.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. On average, sell-side analysts forecast that Lumen Technologies, Inc. will post -0.87 EPS for the current 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.