Mariner Investment Group LLC Purchases New Shares in Lumen Technologies, Inc. (NYSE:LUMN)

Mariner Investment Group LLC acquired a new position in Lumen Technologies, Inc. (NYSE:LUMN) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 100,000 shares of the technology company’s stock, valued at approximately $531,000. Lumen Technologies accounts for approximately 0.1% of Mariner Investment Group LLC’s holdings, making the stock its 27th biggest position.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Polianta Ltd bought a new position in Lumen Technologies during the 4th quarter valued at approximately $692,000. Crossmark Global Holdings Inc. bought a new position in shares of Lumen Technologies during the third quarter valued at $433,000. Quantbot Technologies LP bought a new position in Lumen Technologies in the 3rd quarter worth about $733,000. Congress Asset Management Co. purchased a new stake in Lumen Technologies during the 3rd quarter valued at about $2,592,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Lumen Technologies by 9.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,265,415 shares of the technology company’s stock valued at $23,184,000 after purchasing an additional 294,679 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on LUMN. The Goldman Sachs Group upped their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Citigroup upped their price objective on Lumen Technologies from $6.50 to $8.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. Royal Bank of Canada reissued a “sector perform” rating and issued a $4.25 target price (up previously from $4.00) on shares of Lumen Technologies in a report on Friday, December 20th. Finally, TD Cowen lowered their price target on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Three investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $4.66.

Lumen Technologies Stock Performance

Shares of LUMN opened at $5.92 on Monday. Lumen Technologies, Inc. has a one year low of $0.97 and a one year high of $10.33. The business has a fifty day moving average of $6.25 and a 200 day moving average of $5.82. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.04). The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.21 billion. Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. Lumen Technologies’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.09) EPS. As a group, sell-side analysts anticipate that Lumen Technologies, Inc. will post -0.38 earnings per share 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.