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

Penn Capital Management Company LLC lifted its position in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 6.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,719,257 shares of the technology company’s stock after acquiring an additional 172,254 shares during the quarter. Penn Capital Management Company LLC’s holdings in Lumen Technologies were worth $15,257,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Fulcrum Asset Management LLP boosted its holdings in Lumen Technologies by 266.8% in the third quarter. Fulcrum Asset Management LLP now owns 151,727 shares of the technology company’s stock valued at $841,000 after acquiring an additional 110,367 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Lumen Technologies by 9.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 35,097 shares of the technology company’s stock worth $196,000 after purchasing an additional 3,009 shares during the period. Ethic Inc. raised its holdings in Lumen Technologies by 103.3% during the 3rd quarter. Ethic Inc. now owns 49,878 shares of the technology company’s stock worth $279,000 after purchasing an additional 25,340 shares during the last quarter. Kestra Advisory Services LLC raised its holdings in Lumen Technologies by 21.3% during the 3rd quarter. Kestra Advisory Services LLC now owns 431,693 shares of the technology company’s stock worth $2,417,000 after purchasing an additional 75,928 shares during the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new position in Lumen Technologies during the 3rd quarter valued at about $47,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

Key Headlines Impacting Lumen Technologies

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LUMN. Wells Fargo & Company reduced their target price on shares of Lumen Technologies from $7.50 to $5.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 5th. Citigroup lowered their price target on shares of Lumen Technologies from $8.25 to $5.50 and set a “neutral” rating for the company in a research report on Friday. TD Cowen dropped their price target on shares of Lumen Technologies from $9.00 to $8.00 and set a “hold” rating for the company in a research note on Thursday, November 5th. The Goldman Sachs Group cut their price objective on shares of Lumen Technologies from $7.25 to $5.00 and set a “neutral” rating on the stock in a report on Thursday, November 5th. Finally, JPMorgan Chase & Co. reduced 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 equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $6.19.

Insider Transactions at Lumen Technologies

In other news, CEO Kathleen Johnson purchased 100,000 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The shares were acquired at an average cost of $3.97 per share, for a total transaction of $397,000.00. Following the transaction, the chief executive officer directly owned 200,000 shares of the company’s stock, valued at approximately $794,000. The trade was a 100.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Michelle J. Goldberg purchased 25,000 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The stock was purchased at an average price of $3.91 per share, for a total transaction of $97,750.00. Following the completion of the transaction, the director directly owned 101,591 shares in the company, valued at $397,220.81. This trade represents a 32.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.30% of the company’s stock.

Lumen Technologies Stock Up 8.3%

Shares of Lumen Technologies stock opened at $4.32 on Tuesday. Lumen Technologies, Inc. has a 12 month low of $3.84 and a 12 month high of $11.39. The business has a fifty day simple moving average of $5.54 and a 200 day simple moving average of $7.13. The stock has a market cap of $4.46 billion, a PE ratio of -4.24 and a beta of 1.94.

Lumen Technologies (NYSE:LUMN) last released its quarterly earnings data on Wednesday, November 4th. The technology company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.09. The company had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.73 billion. Analysts expect that Lumen Technologies, Inc. will post -0.54 EPS for the current fiscal year.

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.