5 Best Cheap Technology Stocks To Invest In

2. Lumen Technologies, Inc. (NYSE:LUMN)

Number of Hedge Fund Holders: 33
Share Price as of November 1: $12.07

On August 19, Lumen Technologies, Inc. (NYSE:LUMN), an American telecommunications company, declared a quarterly dividend of $0.25 per share, with a dividend yield of 8.82%.

On November 2, Lumen Technologies, Inc. (NYSE:LUMN) gained 3.5% as the company reported strong Q3 results. The company posted an EPS of $0.49, beating the estimates by $0.12. The average full-day trading volume of Lumen Technologies, Inc. (NYSE:LUMN) reached 10.8 million shares in October as analysts regarded fiber assets as valuable, expecting potential upside. Recently, Citigroup upgraded the stock to Neutral, while keeping a $13 price target.

At the end of Q2, 33 hedge funds tracked by Insider Monkey reported owning stakes in Lumen Technologies, Inc. (NYSE:LUMN), up from 32 in the previous quarter. The total value of these stakes is over $1 billion.

Longleaf Partners Fund mentioned Lumen Technologies, Inc. (NYSE:LUMN) in its Q1 2021 investor letter. Here is what the firm has to say:

“Lumen (40%, 3.33%), the global fiber company, was the top contributor. While COVID fallout still weighed on fourth quarter results, the company benefitted from positive business mix improvements. Early in the quarter, Lumen appreciated 38% in a few short days amidst the “Game Stop / Reddit” short cover phenomenon. After this shortterm bounce, Lumen’s stock price appreciated more steadily over the last six weeks of the quarter with improved results. Many of last year’s worst-case fears have not materialized and the outlook is improving for the core business. We continue to believe that the company has multiple ways within its control to both grow and realize value per share, and we have a 13D filed to allow us to discuss these options with the company. Lumen’s board, which includes Southeastern-nominated Chairman Mike Glenn from FedEx and Director Hal Jones from Graham Holdings, is doing good work to realize Lumen’s hidden value and return the business to FCF/share growth. Despite its appreciation, the stock trades at less than half of our appraisal.”