Investing

Temasek Holdings Cuts Stake in Lumen Technologies (LUMN) After Q3 Results

Fintel reports that Temasek Holdings (Private) Ltd has filed a 13D/A form with the SEC disclosing ownership of 50,919,596 shares of Lumen Technologies (fka CenturyLink) (LUMN). This represents 4.9% of the company.

In their previous filing dated November 14, 2022 they reported 56,082,331 shares and 5.40% of the company, a decrease in shares of 9.21% and a decrease in total ownership of 0.50% (calculated as current – previous percent ownership).

Lumen is guided by its belief that humanity is at its best when technology advances the way we live and work. With approximately 450,000 route fiber miles and serving customers in more than 60 countries, it delivers the fastest, most secure platform for applications and data to help businesses, government and communities deliver amazing experiences.

In their 2022 3Q financial update, Lumen reported the following highlights:

  • Completed the $2.7 billion divestiture of its Latin American business to Stonepeak on August 1
  • Updated guidance for the full year 2022 for free cash flow and capital expenditures
  • Reported Net Income of $578 million for the third quarter 2022, compared to reported Net Income of $544 million for the third quarter 2021
  • Diluted EPS of $0.57 for the third quarter 2022, compared to $0.51 per share for the third quarter 2021. Excluding Special Items, Diluted EPS of $0.14 per share for the third quarter 2022, compared to $0.49 per share for the third quarter 2021
  • Generated Adjusted EBITDA of $1.688 billion for the third quarter 2022, compared to $2.078 billion for the third quarter 2021, excluding the effects of Special Items of $(527) million and $(31) million, respectively
  • Generated Pro Forma1 Adjusted EBITDA of $1.659 billion for the third quarter 2022, compared to $1.872 billion for the third quarter 2021, excluding the effects of Special Items of $(527) million and $(31) million, respectively
  • Reported Net Cash Provided by Operating Activities of $1.123 billion for the third quarter 2022
  • Generated Free Cash Flow of $620 million for the third quarter 2022, compared to $1.072 billion for the third quarter 2021, excluding cash paid for Special Items of $342 million and $32 million, respectively

What are other large shareholders doing?

 

Southeastern Asset Management Inc/tn/ holds 58,627,580 shares representing 5.67% ownership of the company. In it’s prior filing, the firm reported owning 61,990,676 shares, representing a decrease of 5.74%. The firm decreased its portfolio allocation in LUMN by 24.64% over the last quarter.

Geode Capital Management, Llc holds 20,509,677 shares representing 1.98% ownership of the company. In it’s prior filing, the firm reported owning 19,780,500 shares, representing an increase of 3.56%. The firm decreased its portfolio allocation in LUMN by 28.25% over the last quarter.

First Trust Advisors Lp holds 15,765,686 shares representing 1.52% ownership of the company. In it’s prior filing, the firm reported owning 13,558,198 shares, representing an increase of 14.00%. The firm decreased its portfolio allocation in LUMN by 18.65% over the last quarter.

Invesco Ltd. holds 15,124,864 shares representing 1.46% ownership of the company. In it’s prior filing, the firm reported owning 14,471,045 shares, representing an increase of 4.32%. The firm decreased its portfolio allocation in LUMN by 93.14% over the last quarter.

What is the overall Fund Sentiment?

There are 1442 funds or institutions reporting positions in CenturyLink, Inc.. This is a decrease of 33 owner(s) or 2.24%.

Average portfolio weight of all funds dedicated to CenturyLink, Inc. is 0.2249%, a decrease of 8.3015%. Total shares owned by institutions increased in the last three months by 1.10% to 920,338,382 shares.

Fintel’s Fund Sentiment Score is a quantitative model that ranks companies from zero to 100 based on Fund Sentiment. Fund Sentiment is important because it tells you if funds are buying or selling – and in particular how the company ranks compared to other companies in the investing universe.

This article originally appeared on Fintel.

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