Lumen Technologies, Inc. $LUMN Stock Acquired by Penn Capital Management Company LLC

Penn Capital Management Company LLC increased its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 6.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,719,257 shares of the technology company’s stock after buying an additional 172,254 shares during the quarter. Penn Capital Management Company LLC owned 0.26% of Lumen Technologies worth $15,257,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of LUMN. Lazard Asset Management LLC raised its stake in Lumen Technologies by 1.7% during the first quarter. Lazard Asset Management LLC now owns 78,690 shares of the technology company’s stock worth $547,000 after acquiring an additional 1,294 shares in the last quarter. Citizens Financial Group Inc. RI lifted its holdings in shares of Lumen Technologies by 13.6% during the first quarter. Citizens Financial Group Inc. RI now owns 12,174 shares of the technology company’s stock valued at $85,000 after acquiring an additional 1,457 shares during the period. Investors Asset Management of Georgia Inc. GA ADV boosted its stake in shares of Lumen Technologies by 1.0% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 177,950 shares of the technology company’s stock valued at $1,367,000 after purchasing an additional 1,700 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Lumen Technologies by 90.3% in the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock valued at $30,000 after purchasing an additional 1,860 shares in the last quarter. Finally, HB Wealth Management LLC boosted its stake in shares of Lumen Technologies by 15.8% in the 2nd quarter. HB Wealth Management LLC now owns 15,472 shares of the technology company’s stock valued at $119,000 after purchasing an additional 2,114 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

Insider Transactions at Lumen Technologies

In related news, CEO Kathleen E. Johnson acquired 100,000 shares of the firm’s stock in a transaction on Friday, November 6th. The shares were purchased at an average price of $3.97 per share, with a total value of $397,000.00. Following the acquisition, the chief executive officer directly owned 200,000 shares in the company, valued at $794,000. The trade was a 100.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Michelle J. Goldberg acquired 25,000 shares of the stock in a transaction on Friday, November 6th. The stock was bought at an average price of $3.91 per share, with a total value of $97,750.00. Following the transaction, the director directly owned 101,591 shares in the company, valued at approximately $397,220.81. This represents a 32.64% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 2.30% of the company’s stock.

Lumen Technologies Stock Performance

Shares of LUMN opened at $4.32 on Tuesday. The stock has a fifty day moving average price of $5.54 and a two-hundred day moving average price of $7.13. Lumen Technologies, Inc. has a 52-week low of $3.84 and a 52-week high of $11.39. The company has a market cap of $4.46 billion, a price-to-earnings ratio of -4.24 and a beta of 1.94.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Wednesday, November 4th. The technology company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.09. The business had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.73 billion. As a group, research analysts predict that Lumen Technologies, Inc. will post -0.54 EPS for the current fiscal year.

Lumen Technologies News Roundup

Here are the key news stories impacting Lumen Technologies this week:

• Positive Sentiment: CEO Kathleen Johnson bought 100,000 shares for about $397,000, doubling her position, and director Michelle J. Goldberg bought 25,000 shares for about $97,750. The purchases may signal confidence in Lumen, though they do not change the company’s fundamentals. CEO purchase filing Director purchase filing
• Positive Sentiment: On its Q3 earnings call, management pointed to growing demand for AI networking and a 10% year-over-year increase in strategic sales. Lumen also expanded its Microsoft collaboration to help enterprises connect applications and data with Azure AI services. Q3 earnings call Microsoft AI connectivity collaboration
• Neutral Sentiment: Analyst views remain mixed: TD Cowen maintained a Hold rating, while other coverage described disagreement on the stock. Some commentary argues Lumen may be undervalued based on future cash flow, but that view depends on the company delivering on its outlook. TD Cowen rating Cash flow valuation commentary
• Negative Sentiment: Citigroup, TD Cowen, and JPMorgan reportedly reduced their price targets, adding pressure to sentiment. The reports provided here do not specify the revised targets. Citigroup price target reduction TD Cowen price target trim JPMorgan price target cut
• Negative Sentiment: Q3 revenue of $2.72 billion was slightly below consensus, and Lumen reported a $265 million net loss. The strategic-sales growth is encouraging, but investors still face execution and profitability risks. Q3 results and call

Analyst Upgrades and Downgrades

LUMN has been the subject of a number of recent analyst reports. TD Cowen dropped their target price on shares of Lumen Technologies from $9.00 to $8.00 and set a “hold” rating for the company in a research report on Thursday, November 5th. The Goldman Sachs Group cut their price target on shares of Lumen Technologies from $7.25 to $5.00 and set a “neutral” rating for the company in a report on Thursday, November 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a research report on Friday, July 17th. Citigroup decreased their price objective on shares of Lumen Technologies from $8.25 to $5.50 and set a “neutral” rating on the stock in a research note on Friday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Lumen Technologies from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Thursday, November 5th. Ten analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $6.19.

About Lumen Technologies

Lumen Technologies is a telecommunications and technology company that provides network and digital services primarily to businesses, government agencies, and wholesale customers. Its offerings include fiber and internet connectivity, private networking, voice and collaboration services, cloud connectivity, and managed security solutions.

The company serves customers across North America and in international markets through its fiber network and related technology platforms. Lumen has shifted its focus toward enterprise services in recent years, including after selling consumer and local-exchange operations in several states.

Lumen was known as CenturyLink until adopting its current name in 2020.