What happened Shares of Lumen Technologies (NYSE: LUMN) fell 24.5% across 2020's trading, according to data from S&P Global Market Intelligence. Despite strong momentum for the broader market, the telecom company's share price dipped amid lagging performance for its core broadband service offerings. ^SPX data by YCharts Lumen Technologies, which was previously known as Century Link, got hit hard amid the coronavirus-driven sell-offs that rocked the market in March. Deteriorating performance for the company's core copper-based broadband internet services meant that the stock sat out most of the broader market's recovery in subsequent months, but the telecommunications company deserves a close look from value-focused investors seeking big dividends. Image source: Getty Images. So what Lumen's recent business performance has been admittedly underwhelming. The third-quarter report the telecom published in November included sales that fell roughly 3.4% compared to the prior-year period and revenue that dipped roughly 1.6% over the trailing-12-month reporting period. Lumen is facing declining pricing power for its core broadband services. However, the company is also making a big push into high-performance fiber-based offerings and software services, and cost-cutting initiatives at the business could also help boost margins. Now what Lumen Technologies stock has made gains early in this year's trading. The company's share price is up roughly 8% in January so far. LUMN data by YCharts Lumen stock looks cheaply valued trading at roughly 7.4 times this year's expected earnings and 0.6 times expected sales. The company also pays a big dividend, with shares yielding roughly 9.5% at current prices. Lumen stands out as a cheaply valued turnaround play that offers investors a substantial returned-income component. The big dividend should help provide a buffer as the business pursues its new growth initiatives, and the stock has the potential to post big gains if the company continues to see success on those fronts. 10 stocks we like better than Lumen TechnologiesWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Lumen Technologies wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source