Jefferies Financial Group Inc. Takes Position in Lumen Technologies, Inc. $LUMN

Jefferies Financial Group Inc. purchased a new position in shares of Lumen Technologies, Inc. (NYSE:LUMN) in the second quarter, Holdings Channel.com reports. The fund purchased 83,273 shares of the technology company’s stock, valued at approximately $640,000.

Several other institutional investors and hedge funds have also modified their holdings of LUMN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Lumen Technologies by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 602,705 shares of the technology company’s stock valued at $2,363,000 after purchasing an additional 26,305 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Lumen Technologies by 26.8% during the 1st quarter. Empowered Funds LLC now owns 272,031 shares of the technology company’s stock valued at $1,066,000 after purchasing an additional 57,522 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Lumen Technologies by 11.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,985,216 shares of the technology company’s stock worth $11,702,000 after purchasing an additional 300,328 shares in the last quarter. Cetera Investment Advisers lifted its stake in Lumen Technologies by 15.8% in the 2nd quarter. Cetera Investment Advisers now owns 119,673 shares of the technology company’s stock valued at $524,000 after purchasing an additional 16,332 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Lumen Technologies by 6.3% in the 2nd quarter. Invesco Ltd. now owns 10,928,906 shares of the technology company’s stock valued at $47,869,000 after purchasing an additional 652,124 shares during the last quarter. 66.19% of the stock is currently owned by institutional investors.

Insider Transactions at Lumen Technologies

In related news, CEO Kathleen E. Johnson bought 100,000 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were purchased at an average cost of $6.13 per share, with a total value of $613,000.00. Following the acquisition, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Lumen Technologies Stock Performance

Shares of NYSE LUMN opened at $6.21 on Tuesday. The firm has a 50 day moving average price of $6.55 and a two-hundred day moving average price of $7.59. The stock has a market cap of $6.41 billion, a P/E ratio of -6.09 and a beta of 1.79. Lumen Technologies, Inc. has a 52-week low of $4.57 and a 52-week high of $11.95.

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

Analysts Set New Price Targets

A number of analysts have weighed in on LUMN shares. Citigroup decreased their target price on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Zacks Research lowered Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. UBS Group upped their target price on Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, The Goldman Sachs Group cut their price target 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 analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Lumen Technologies has a consensus rating of “Reduce” and an average target price of $7.86.

Lumen Technologies Company 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.