Penn Capital Management Company LLC Invests $16.84 Million in Lumen Technologies, Inc. $LUMN

Penn Capital Management Company LLC purchased a new stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,744,057 shares of the technology company’s stock, valued at approximately $16,837,000. Lumen Technologies comprises about 1.3% of Penn Capital Management Company LLC’s investment portfolio, making the stock its 23rd largest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UMB Bank n.a. increased its holdings in Lumen Technologies by 49.1% during the third quarter. UMB Bank n.a. now owns 4,105 shares of the technology company’s stock worth $25,000 after buying an additional 1,351 shares during the last quarter. MRP Capital Investments LLC lifted its stake in Lumen Technologies by 160.0% in the 2nd quarter. MRP Capital Investments LLC now owns 6,500 shares of the technology company’s stock valued at $28,000 after purchasing an additional 4,000 shares during the last quarter. Fifth Third Bancorp increased its position in Lumen Technologies by 24.5% during the third quarter. Fifth Third Bancorp now owns 5,343 shares of the technology company’s stock worth $33,000 after buying an additional 1,051 shares during the last quarter. Bessemer Group Inc. raised its stake in Lumen Technologies by 15.5% in the third quarter. Bessemer Group Inc. now owns 7,209 shares of the technology company’s stock valued at $43,000 after buying an additional 968 shares during the period. Finally, FreeGulliver LLC acquired a new stake in shares of Lumen Technologies in the second quarter valued at approximately $44,000. Institutional investors own 66.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Citigroup reduced their price objective on shares of Lumen Technologies from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, February 5th. Zacks Research raised Lumen Technologies from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. The Goldman Sachs Group boosted their price target on Lumen Technologies from $5.50 to $7.25 and gave the company a “neutral” rating in a research note on Wednesday, February 4th. Raymond James Financial reiterated a “market perform” rating on shares of Lumen Technologies in a research report on Wednesday, February 4th. Finally, Royal Bank Of Canada raised their price target on shares of Lumen Technologies from $4.25 to $8.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Lumen Technologies presently has a consensus rating of “Hold” and an average price target of $7.25.

Insider Activity

In other Lumen Technologies news, CEO Kathleen E. Johnson purchased 78,685 shares of the company’s stock in a transaction on Thursday, February 5th. The shares were purchased at an average cost of $6.35 per share, with a total value of $499,649.75. Following the completion of the purchase, the chief executive officer owned 8,562,582 shares in the company, valued at $54,372,395.70. This represents a 0.93% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Diankha Linear sold 45,000 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $7.89, for a total value of $355,050.00. Following the transaction, the director owned 198,229 shares in the company, valued at $1,564,026.81. The trade was a 18.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.30% of the stock is currently owned by company insiders.

Lumen Technologies Stock Up 1.9%

LUMN stock opened at $6.82 on Wednesday. The company’s 50-day moving average price is $7.76 and its two-hundred day moving average price is $7.64. Lumen Technologies, Inc. has a 12 month low of $3.01 and a 12 month high of $11.95. The firm has a market cap of $6.99 billion, a P/E ratio of -3.92 and a beta of 1.56.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Tuesday, February 3rd. The technology company reported $0.23 EPS for the quarter, beating the consensus estimate of ($0.21) by $0.44. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.04 billion. Lumen Technologies had a negative net margin of 14.02% and a negative return on equity of 158.40%. The company’s revenue was down 8.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.09 earnings per share. Equities analysts predict that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Lumen Technologies Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.