Front Street Capital Management Inc. Has $93.48 Million Stake in Lumen Technologies, Inc. $LUMN

Front Street Capital Management Inc. cut its position in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 3.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 12,171,321 shares of the technology company’s stock after selling 422,206 shares during the quarter. Lumen Technologies accounts for 10.6% of Front Street Capital Management Inc.’s portfolio, making the stock its largest position. Front Street Capital Management Inc.’s holdings in Lumen Technologies were worth $93,476,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Kemnay Advisory Services Inc. bought a new position in shares of Lumen Technologies in the fourth quarter valued at $25,000. International Assets Investment Management LLC acquired a new stake in Lumen Technologies during the 4th quarter worth about $30,000. Versant Capital Management Inc increased its holdings in shares of Lumen Technologies by 90.3% in the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock valued at $30,000 after purchasing an additional 1,860 shares during the period. Ascentis Independent Advisors purchased a new stake in shares of Lumen Technologies in the first quarter worth approximately $27,000. Finally, Trust Asset Management LLC purchased a new position in Lumen Technologies during the second quarter valued at approximately $34,000. 66.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. TD Cowen increased their target price on shares of Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Citigroup cut their price objective on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating for the company in a report on Tuesday, August 11th. Wells Fargo & Company lowered their target price on 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. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, Zacks Research lowered Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Nine investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $7.86.

Lumen Technologies Price Performance

Shares of NYSE:LUMN opened at $5.66 on Tuesday. The stock has a market capitalization of $5.84 billion, a P/E ratio of -5.55 and a beta of 1.79. The business has a 50-day moving average of $6.77 and a two-hundred day 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.

Lumen Technologies (NYSE:LUMN) last issued 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 during the quarter, compared to the consensus estimate of $2.74 billion. The firm’s revenue was down 9.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.03) earnings per share. As a group, research analysts expect that Lumen Technologies, Inc. will post -0.42 EPS for the current fiscal year.

Insider Buying and Selling at Lumen Technologies

In other news, CEO Kathleen E. Johnson acquired 100,000 shares of Lumen Technologies stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the purchase, the chief executive officer owned 100,000 shares of the company’s stock, valued at $613,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Lumen Technologies 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.