Lumen Technologies, Inc. $LUMN Shares Sold by Front Street Capital Management Inc.

Key Points

• Front Street Capital Management reduced its Lumen stake by 3.4%, selling 422,206 shares but retaining 12.17 million shares worth approximately $93.5 million. Lumen remains the firm’s largest holding and represents 10.6% of its portfolio.
• Lumen shares opened at $5.66, down 4.7%, and remain well below their 52-week high of $11.95. The company exceeded quarterly EPS and revenue estimates, but revenue still declined 9.3% year over year.
• Analyst sentiment remains cautious: nine analysts rate Lumen Hold and one rates it Sell, producing an overall “Reduce” rating with a $7.86 average price target. CEO Kathleen E. Johnson separately bought 100,000 shares at $6.13 each.

Front Street Capital Management Inc. trimmed its holdings in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 3.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,171,321 shares of the technology company's stock after selling 422,206 shares during the period. Lumen Technologies comprises approximately 10.6% of Front Street Capital Management Inc.'s holdings, making the stock its largest holding. Front Street Capital Management Inc. owned about 1.18% of Lumen Technologies worth $93,476,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Crossmark Global Holdings Inc. grew its position in shares of Lumen Technologies by 2.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 61,599 shares of the technology company's stock worth $479,000 after buying an additional 1,230 shares in the last quarter. Lazard Asset Management LLC raised its holdings in Lumen Technologies by 1.7% in the first quarter. Lazard Asset Management LLC now owns 78,690 shares of the technology company's stock valued at $547,000 after acquiring an additional 1,294 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its stake in Lumen Technologies by 4.6% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 31,875 shares of the technology company's stock valued at $222,000 after acquiring an additional 1,393 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in Lumen Technologies by 7.3% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 20,821 shares of the technology company's stock worth $162,000 after acquiring an additional 1,417 shares in the last quarter. Finally, Citizens Financial Group Inc. RI increased its position in shares of Lumen Technologies by 13.6% in the 1st quarter. Citizens Financial Group Inc. RI now owns 12,174 shares of the technology company's stock worth $85,000 after purchasing an additional 1,457 shares during the last quarter. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Lumen Technologies Stock Down 4.7%

Shares of NYSE:LUMN opened at $5.66 on Tuesday. The firm has a 50-day simple moving average of $6.77 and a 200 day simple moving average of $7.63. Lumen Technologies, Inc. has a fifty-two week low of $4.57 and a fifty-two week high of $11.95. The company has a market cap of $5.84 billion, a PE ratio of -5.55 and a beta of 1.79.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.06. The company had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion. During the same period last year, the company posted ($0.03) earnings per share. The firm's revenue for the quarter was down 9.3% compared to the same quarter last year. As a group, research analysts forecast that Lumen Technologies, Inc. will post -0.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. The Goldman Sachs Group reduced their price target on shares of Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating on the stock in a research report on Wednesday, August 5th. JPMorgan Chase & Co. upped their price objective on Lumen Technologies from $6.00 to $7.00 and gave the company a "neutral" rating in a research note on Monday, May 11th. Zacks Research downgraded Lumen Technologies from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 5th. TD Cowen lifted their target price on Lumen Technologies from $8.00 to $9.00 and gave the stock a "hold" rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Lumen Technologies in a research report on Friday, July 17th. Nine equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average target price of $7.86.

Insider Buying and Selling at Lumen Technologies

In other news, CEO Kathleen E. Johnson acquired 100,000 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average price of $6.13 per share, with a total value of $613,000.00. Following the acquisition, the chief executive officer directly owned 100,000 shares in the company, valued at approximately $613,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by company insiders.

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.

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