Penn Capital Management Company LLC Has $18.52 Million Stock Position in Lumen Technologies, Inc. $LUMN

Penn Capital Management Company LLC lowered its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 13.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 2,376,354 shares of the technology company’s stock after selling 367,703 shares during the quarter. Lumen Technologies accounts for approximately 1.5% of Penn Capital Management Company LLC’s portfolio, making the stock its 14th biggest position. Penn Capital Management Company LLC’s holdings in Lumen Technologies were worth $18,515,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in LUMN. UMB Bank n.a. raised its holdings in shares of Lumen Technologies by 49.1% during the third quarter. UMB Bank n.a. now owns 4,105 shares of the technology company’s stock valued at $25,000 after purchasing an additional 1,351 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Lumen Technologies during the fourth quarter worth about $30,000. Fifth Third Bancorp increased its position in shares of 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 acquiring an additional 1,051 shares in the last quarter. Bessemer Group Inc. increased its position in shares of Lumen Technologies by 15.5% during the third quarter. Bessemer Group Inc. now owns 7,209 shares of the technology company’s stock worth $43,000 after acquiring an additional 968 shares in the last quarter. Finally, Hantz Financial Services Inc. increased its position in shares of Lumen Technologies by 3,093.3% during the fourth quarter. Hantz Financial Services Inc. now owns 6,227 shares of the technology company’s stock worth $48,000 after acquiring an additional 6,032 shares in the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Stock Performance

Shares of LUMN stock opened at $10.14 on Wednesday. Lumen Technologies, Inc. has a 52-week low of $3.37 and a 52-week high of $11.95. The company has a 50-day simple moving average of $8.15 and a two-hundred day simple moving average of $8.07. The company has a market capitalization of $10.45 billion, a price-to-earnings ratio of -5.83 and a beta of 1.65.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.34). The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.83 billion. During the same period last year, the firm earned ($0.13) earnings per share. The business’s quarterly revenue was down 8.9% compared to the same quarter last year. On average, sell-side analysts forecast that Lumen Technologies, Inc. will post -0.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

LUMN has been the subject of several recent research reports. Wells Fargo & Company boosted their target price on shares of Lumen Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Raymond James Financial reissued a “market perform” rating on shares of Lumen Technologies in a research report on Wednesday, February 4th. JPMorgan Chase & Co. boosted their target price on shares of Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, May 3rd. Finally, UBS Group boosted their target price on shares of Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Ten analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $7.91.

Lumen Technologies Company 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.