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

by · The Markets Daily

Penn Capital Management Company LLC lowered its position in shares of Lumen Technologies, Inc. (NYSE:LUMN – Free Report) by 5.9% in the 2nd quarter, according to the company in its most recent Form 13F filing 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 period. Penn Capital Management Company LLC owned 0.25% of Lumen Technologies worth $19,598,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Kemnay Advisory Services Inc. purchased a new stake in shares of Lumen Technologies in the fourth quarter worth $25,000. Ascentis Independent Advisors purchased a new stake in shares of Lumen Technologies in the 1st quarter valued at about $27,000. International Assets Investment Management LLC purchased a new stake in shares of Lumen Technologies in the 4th quarter valued at about $30,000. Versant Capital Management Inc boosted its position in shares of Lumen Technologies by 90.3% during the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock valued at $30,000 after acquiring an additional 1,860 shares during the last quarter. Finally, Trust Asset Management LLC purchased a new position in shares of Lumen Technologies during the second quarter worth about $34,000. 66.19% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Lumen Technologies news, CEO Kathleen E. Johnson acquired 100,000 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were purchased at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the transaction, the chief executive officer owned 100,000 shares in the company, valued at $613,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.30% of the company’s stock.

Lumen Technologies Trading Down 1.5%

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

Lumen Technologies (NYSE:LUMN – Get Free Report) last released its quarterly earnings data 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. The business’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same period last year, the company posted ($0.03) EPS. Equities research analysts forecast that Lumen Technologies, Inc. will post -0.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on LUMN shares. Zacks Research lowered shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. JPMorgan Chase & Co. upped 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. UBS Group increased their target price on Lumen Technologies from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. The Goldman Sachs Group dropped their price target on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a research note on Wednesday, August 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Nine analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Lumen Technologies currently has an average rating of “Reduce” and a consensus price target of $7.86.

Get Our Latest Analysis on LUMN

Lumen Technologies Company Profile

(Free Report)

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.

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