Penn Capital Management Company LLC Sells 160,651 Shares of Lumen Technologies, Inc. $LUMN

Penn Capital Management Company LLC decreased its position in Lumen Technologies, Inc. (NYSE:LUMN) by 5.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,547,003 shares of the technology company’s stock after selling 160,651 shares during the quarter. Penn Capital Management Company LLC’s holdings in Lumen Technologies were worth $19,598,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Lumen Technologies by 3.5% in the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock worth $1,092,571,000 after acquiring an additional 4,796,141 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Lumen Technologies by 324.7% during the fourth quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company’s stock worth $172,585,000 after acquiring an additional 16,981,326 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Lumen Technologies by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 18,390,473 shares of the technology company’s stock worth $142,894,000 after purchasing an additional 473,242 shares during the period. Dimensional Fund Advisors LP grew its holdings in Lumen Technologies by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company’s stock worth $104,156,000 after purchasing an additional 144,664 shares during the period. Finally, Norges Bank bought a new position in shares of Lumen Technologies during the fourth quarter valued at approximately $106,557,000. Institutional investors own 66.19% of the company’s stock.

Insider Activity

In other Lumen Technologies news, CEO Kathleen E. Johnson bought 100,000 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the transaction, the chief executive officer owned 100,000 shares of the company’s stock, valued at $613,000. This represents a ? increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Lumen Technologies Trading Down 1.5%

Shares of LUMN stock opened at $6.05 on Friday. Lumen Technologies, Inc. has a 12-month low of $4.57 and a 12-month high of $11.95. The stock has a market capitalization of $6.24 billion, a P/E ratio of -5.93 and a beta of 1.78. The firm’s 50 day moving average is $6.59 and its 200 day moving average is $7.60.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.06. The company had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.74 billion. Lumen Technologies’s quarterly revenue was down 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. As a group, equities analysts predict that Lumen Technologies, Inc. will post -0.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

LUMN has been the topic of a number of recent research reports. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Wells Fargo & Company dropped their target price on shares of Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating on the stock in a research note on Wednesday, August 5th. JPMorgan Chase & Co. increased their price target on shares of Lumen Technologies from $6.00 to $7.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Citigroup decreased their price objective on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating for the company in a report on Tuesday, August 11th. Finally, The Goldman Sachs Group cut their target price on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a research note on Wednesday, August 5th. Nine equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $7.86.

About Lumen Technologies

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.