• Lumen Technologies(LUMN) is expanding into edge-computing infrastructure to facilitate the blockchain.
• Meanwhile, the company continues to trade at a low multiple and pay high dividend distributions.
• Investors should buy some shares of Lumen Technologies while the price is still reasonable.

Louisiana-headquartered Lumen Technologies (NYSE:LUMN) was formerly known as CenturyLink, a company noted for its extensive fiber-optic network. In the age of modern satellite communication technology, some folks might be reluctant to hold LUMN stock.

Yet, it would be hasty to dismiss Lumen as an outdated business. First of all, fiber isn’t dead: as InvestorPlace.com contributor Chris MacDonald put it, “Lumen’s fiber optic network is a key piece in the technological fabric of America.”

There’s even more to the story here, though. As we’ll discover, LUMN stock trades at a surprisingly low valuation multiple, and Lumen offers a healthy dividend to loyal investors.

Besides, Lumen isn’t mired in old-school technology. Indeed, the company is involved in edge computing and even the blockchain, demonstrating that Lumen is still a forward-looking tech-market competitor.

What’s Happening with LUMN Stock?

There’s no denying that LUMN stock has disappointed some buyers in 2022 so far. The stock started the year at nearly $13, only to drift lower for several months.

Is this entirely Lumen’s fault? Probably not, since technology stocks have generally struggled during 2022’s first quarter. Wall Street, it seems, has generally ditched tech stocks due to supply-chain constraints and worries about the U.S. Federal Reserve hiking interest rates.

This has only made LUMN stock a terrific bargain, however. Consider, first of all, that Lumen Technologies’ trailing 12-month price-to-earnings ratio is an absurdly low 5.59.

Such a low valuation multiple won’t persist forever, so expect this window of opportunity to close soon.

Furthermore, Lumen pays a forward annual dividend yield of 9.02% — not too shabby. The company’s board declared a regular per-share quarterly cash dividend of 25 cents not long ago.

Progress and Profits

Need more reasons to invest in LUMN stock? No problem — here are two of them.

First of all, Lumen shifted from an unprofitable profile to a recently profitable one.

Here’s the essential data: during the fourth quarter of 2020, Lumen Technologies reported a net earnings loss of $2.289 billion. Fast-forward to 2021’s fourth quarter, and Lumen announced not a loss, but net income totaling $508 million.

Still not convinced that Lumen is a luminary among tech businesses? Maybe a future-facing blockchain connection will convince you, then.

Not long ago, Lumen Technologies disclosed that the company is providing high-speed edge-computing infrastructure for node operations and developers on the Solana (SOL-USD) network.

This, evidently, is being done to support Solana’s community of blockchain validators, application programming interface providers and developers.

The Solana community will, if everything works out as planned, benefit from Lumen’s edge-computing architecture and fiber connectivity. This should provide the Solana community with enhanced network speed and security while also reducing latency and saving bandwidth.

“By working with Lumen, we can provide node operators on the network easy access to fast, secure edge computing resources around the world,” clarified Dan Albert, executive director of the Solana Foundation.

What You Can Do Now

Hopefully, today I’ve illuminated you about Lumen and provided multiple reasons to consider a long-term stake in LUMN stock.

Don’t assume that the former CenturyLink is an outdated company. By collaborating with the Solana community, Lumen is demonstrating that it’s still on the cutting edge of technology.

Moreover, LUMN stock is trading at a low valuation and the company pays an enticing dividend. Therefore, investors are encouraged to consider a position in the stock if they don’t have one already.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.