Piedmont Investment Advisors LLC increased its position in Level 3 Communications, Inc. (NYSE:LVLT) by 0.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,428 shares of the technology company’s stock after buying an additional 4 shares during the period. Piedmont Investment Advisors LLC’s holdings in Level 3 Communications were worth $425,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of LVLT. Russell Investments Group Ltd. acquired a new position in Level 3 Communications during the fourth quarter valued at $1,444,000. Keybank National Association OH acquired a new position in Level 3 Communications during the fourth quarter valued at $237,000. Renaissance Technologies LLC acquired a new position in Level 3 Communications during the fourth quarter valued at $6,965,000. Thrivent Financial for Lutherans boosted its position in shares of Level 3 Communications by 10.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 143,056 shares of the technology company’s stock valued at $8,062,000 after buying an additional 13,330 shares in the last quarter. Finally, WFG Advisors LP boosted its position in shares of Level 3 Communications by 11,510.0% in the fourth quarter. WFG Advisors LP now owns 3,483 shares of the technology company’s stock valued at $185,000 after buying an additional 3,453 shares in the last quarter.
Shares of Level 3 Communications, Inc. (NYSE LVLT) opened at 58.01 on Tuesday. Level 3 Communications, Inc. has a 52-week low of $44.01 and a 52-week high of $64.61. The stock has a market capitalization of $20.96 billion, a P/E ratio of 32.81 and a beta of 1.23. The stock has a 50 day moving average of $60.75 and a 200-day moving average of $58.75.
Level 3 Communications (NYSE:LVLT) last posted its quarterly earnings results on Wednesday, May 3rd. The technology company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by $0.03. The company had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.04 billion. Level 3 Communications had a net margin of 7.80% and a return on equity of 6.23%. Level 3 Communications’s revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the business earned $0.35 EPS. Analysts predict that Level 3 Communications, Inc. will post $1.41 EPS for the current fiscal year.
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Several brokerages have issued reports on LVLT. Zacks Investment Research upgraded shares of Level 3 Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, April 12th. Morgan Stanley reiterated a “weight” rating and set a $65.00 target price on shares of Level 3 Communications in a research report on Wednesday, March 29th. Jefferies Group LLC dropped their target price on shares of Level 3 Communications from $64.00 to $59.00 and set a “hold” rating for the company in a research report on Thursday, May 4th. BidaskClub lowered shares of Level 3 Communications from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Finally, Raymond James Financial, Inc. restated an “underperform” rating and issued a $62.82 price objective on shares of Level 3 Communications in a report on Monday, May 15th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $61.08.
In other news, SVP Eric Mortensen sold 1,189 shares of the stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $59.10, for a total value of $70,269.90. Following the transaction, the senior vice president now owns 77,944 shares in the company, valued at approximately $4,606,490.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Sunit S. Patel sold 16,653 shares of the stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $59.10, for a total value of $984,192.30. Following the completion of the transaction, the vice president now owns 545,330 shares in the company, valued at approximately $32,229,003. The disclosure for this sale can be found here. Insiders sold a total of 28,224 shares of company stock worth $1,668,038 in the last ninety days. 0.53% of the stock is owned by corporate insiders.
Level 3 Communications Company Profile
Level 3 Communications, Inc is a provider of a range of integrated communications services. The Company’s operating segments include North America, EMEA and Latin America. The North America includes operations in Atlanta, Georgia; Littleton, Colorado; Miami, Florida; Montreal, Canada; New York, New York; Phoenix, Arizona; Pittsburgh, Pennsylvania; Southfield, Michigan, and Tulsa, Oklahoma.
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