Oppenheimer Asset Management Inc. lifted its position in shares of Level 3 Communications, Inc. (NYSE:LVLT) by 19.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 650,275 shares of the technology company’s stock after acquiring an additional 106,591 shares during the quarter. Level 3 Communications makes up 0.9% of Oppenheimer Asset Management Inc.’s investment portfolio, making the stock its 14th largest position. Oppenheimer Asset Management Inc. owned approximately 0.18% of Level 3 Communications worth $34,653,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Virtu KCG Holdings LLC grew its stake in shares of Level 3 Communications by 0.5% during the 2nd quarter. Virtu KCG Holdings LLC now owns 3,723 shares of the technology company’s stock worth $221,000 after acquiring an additional 17 shares during the period. MAI Capital Management grew its stake in shares of Level 3 Communications by 1.7% during the 2nd quarter. MAI Capital Management now owns 5,314 shares of the technology company’s stock worth $315,000 after acquiring an additional 90 shares during the period. Cadence Capital Management LLC grew its stake in shares of Level 3 Communications by 0.8% during the 2nd quarter. Cadence Capital Management LLC now owns 11,455 shares of the technology company’s stock worth $679,000 after acquiring an additional 96 shares during the period. Wetherby Asset Management Inc. grew its stake in shares of Level 3 Communications by 3.5% during the 2nd quarter. Wetherby Asset Management Inc. now owns 4,271 shares of the technology company’s stock worth $253,000 after acquiring an additional 145 shares during the period. Finally, Sentry Investment Management LLC grew its stake in shares of Level 3 Communications by 1.1% during the 2nd quarter. Sentry Investment Management LLC now owns 22,339 shares of the technology company’s stock worth $1,325,000 after acquiring an additional 234 shares during the period. Institutional investors own 98.84% of the company’s stock.
Shares of Level 3 Communications, Inc. (LVLT) traded up $0.93 during midday trading on Thursday, reaching $53.63. The company’s stock had a trading volume of 3,119,100 shares, compared to its average volume of 2,423,731. Level 3 Communications, Inc. has a fifty-two week low of $50.82 and a fifty-two week high of $64.61. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.94.
LVLT has been the subject of several research reports. BidaskClub upgraded Level 3 Communications from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 27th. Barclays cut their price target on Level 3 Communications from $59.00 to $53.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $61.55.
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Level 3 Communications 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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