Oakbrook Investments LLC Sells 600 Shares of Level 3 Communications, Inc. (NYSE:LVLT)

Oakbrook Investments LLC reduced its position in Level 3 Communications, Inc. (NYSE:LVLT) by 4.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,800 shares of the technology company’s stock after selling 600 shares during the period. Oakbrook Investments LLC’s holdings in Level 3 Communications were worth $700,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Level 3 Communications by 155.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 2,226 shares of the technology company’s stock valued at $132,000 after buying an additional 1,354 shares during the period. Exane Asset Management bought a new position in Level 3 Communications during the second quarter worth $581,000. Aperio Group LLC increased its position in Level 3 Communications by 18.6% in the second quarter. Aperio Group LLC now owns 105,479 shares of the technology company’s stock worth $6,255,000 after buying an additional 16,550 shares during the period. Louisiana State Employees Retirement System increased its position in Level 3 Communications by 1.1% in the second quarter. Louisiana State Employees Retirement System now owns 18,200 shares of the technology company’s stock worth $1,079,000 after buying an additional 200 shares during the period. Finally, LS Investment Advisors LLC increased its position in Level 3 Communications by 2.7% in the second quarter. LS Investment Advisors LLC now owns 8,561 shares of the technology company’s stock worth $508,000 after buying an additional 227 shares during the period.

Shares of Level 3 Communications, Inc. (LVLT) traded down 0.09% during midday trading on Friday, hitting $56.19. 2,262,534 shares of the company were exchanged. The firm’s 50 day moving average price is $58.39 and its 200 day moving average price is $58.82. Level 3 Communications, Inc. has a one year low of $44.01 and a one year high of $64.61. The firm has a market capitalization of $20.38 billion, a price-to-earnings ratio of 31.96 and a beta of 1.23.

Level 3 Communications (NYSE:LVLT) last posted its earnings results on Wednesday, August 2nd. The technology company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.03. The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.06 billion. Level 3 Communications had a return on equity of 5.52% and a net margin of 7.47%. The company’s quarterly revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 EPS. Analysts forecast that Level 3 Communications, Inc. will post $1.42 EPS for the current fiscal year.

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A number of research firms have issued reports on LVLT. BidaskClub cut shares of Level 3 Communications from a “hold” rating to a “sell” rating in a research note on Thursday. Raymond James Financial, Inc. reissued an “underperform” rating and issued a $62.82 price target on shares of Level 3 Communications in a research report on Monday, May 15th. Jefferies Group LLC dropped their price target 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. UBS AG reissued a “buy” rating and issued a $68.00 price target (down previously from $71.00) on shares of Level 3 Communications in a research report on Tuesday, July 18th. Finally, Zacks Investment Research lowered shares of Level 3 Communications from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $61.36.

In other news, SVP Eric Mortensen sold 1,189 shares of the firm’s stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $59.10, for a total transaction of $70,269.90. Following the transaction, the senior vice president now owns 77,944 shares in the company, valued at $4,606,490.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John Michael Ryan sold 5,927 shares of the firm’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $59.10, for a total value of $350,285.70. Following the transaction, the executive vice president now owns 144,994 shares in the company, valued at approximately $8,569,145.40. The disclosure for this sale can be found here. Insiders have sold a total of 28,224 shares of company stock valued at $1,668,038 over the last quarter. Corporate insiders own 0.49% of the company’s stock.

About Level 3 Communications

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.

Institutional Ownership by Quarter for Level 3 Communications (NYSE:LVLT)

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