CenturyLink Inc. (CTL) Bonds Trading 2.8% Lower
An issue of CenturyLink Inc. (NYSE:CTL) bonds fell 2.8% against their face value during trading on Thursday. The high-yield debt issue has a 7.65% coupon and is set to mature on March 15, 2042. The bonds in the issue are now trading at $86.50 and were trading at $88.80 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.
Several brokerages recently issued reports on CTL. Royal Bank Of Canada increased their target price on shares of CenturyLink from $29.00 to $31.00 and gave the stock a “sector perform” rating in a research note on Monday, August 8th. Macquarie reissued a “neutral” rating and set a $30.00 target price (down from $31.00) on shares of CenturyLink in a research note on Tuesday, September 13th. Vetr raised shares of CenturyLink from a “sell” rating to a “hold” rating and set a $29.00 target price on the stock in a research note on Monday, August 8th. Zacks Investment Research lowered shares of CenturyLink from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. Finally, Morgan Stanley lowered shares of CenturyLink from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $31.00 to $27.00 in a research note on Monday, July 18th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $28.37.
CenturyLink Inc. (NYSE:CTL) traded up 2.93% during trading on Friday, reaching $27.76. 13,519,671 shares of the company traded hands. The firm has a market capitalization of $15.16 billion, a price-to-earnings ratio of 15.54 and a beta of 0.80. The company’s 50-day moving average price is $27.81 and its 200 day moving average price is $29.21. CenturyLink Inc. has a 52 week low of $21.94 and a 52 week high of $32.94.
CenturyLink (NYSE:CTL) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.04. The business had revenue of $440 billion for the quarter, compared to analysts’ expectations of $4.39 billion. CenturyLink had a net margin of 5.47% and a return on equity of 11.02%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.55 earnings per share. On average, equities research analysts expect that CenturyLink Inc. will post $2.53 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, September 2nd were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 7.78%. The ex-dividend date of this dividend was Wednesday, August 31st. CenturyLink’s dividend payout ratio (DPR) is currently 120.67%.
In related news, Director Harvey P. Perry sold 20,000 shares of CenturyLink stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $31.00, for a total value of $620,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.61% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in CTL. Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of CenturyLink by 26.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,372,419 shares of the company’s stock worth $39,814,000 after buying an additional 287,685 shares during the period. PGGM Investments boosted its stake in shares of CenturyLink by 10.0% in the second quarter. PGGM Investments now owns 1,462,121 shares of the company’s stock worth $42,416,000 after buying an additional 132,536 shares during the period. Hancock Holding Co. boosted its stake in shares of CenturyLink by 6.3% in the second quarter. Hancock Holding Co. now owns 28,987 shares of the company’s stock worth $841,000 after buying an additional 1,714 shares during the period. Panagora Asset Management Inc. boosted its stake in shares of CenturyLink by 32.1% in the first quarter. Panagora Asset Management Inc. now owns 2,511,649 shares of the company’s stock worth $80,272,000 after buying an additional 610,495 shares during the period. Finally, Springbok Capital Management LLC acquired a new stake in shares of CenturyLink during the first quarter worth approximately $340,000. Hedge funds and other institutional investors own 73.33% of the company’s stock.
CenturyLink, Inc is an integrated communications company. The Company is engaged in providing an array of communications services to residential and business customers. The Company’s segments include Business and Consumer. Its communications services include local and long-distance voice, high-speed Internet, Multi-Protocol Label Switching (MPLS), private line (including special access), data integration, Ethernet, colocation, managed hosting (including cloud hosting), network, public access, video, wireless and other ancillary services.
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