CenturyLink Inc. (CTL) Bonds Trading 2.8% Higher
An issue of CenturyLink Inc. (NYSE:CTL) debt rose 2.8% as a percentage of its face value during trading on Friday. The high-yield issue of debt has a 7.65% coupon and will mature on March 15, 2042. The bonds in the issue are now trading at $89.25 and were trading at $87.06 last week. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.
CTL has been the subject of a number of analyst reports. Evercore ISI initiated coverage on shares of CenturyLink in a research report on Tuesday, June 21st. They issued a “hold” rating and a $28.00 price target for the company. Vetr raised shares of CenturyLink from a “sell” rating to a “hold” rating and set a $29.00 price objective on the stock in a research note on Tuesday, August 16th. Royal Bank Of Canada lifted their price objective on shares of CenturyLink from $29.00 to $31.00 and gave the company a “sector perform” rating in a research note on Monday, August 8th. Zacks Investment Research cut shares of CenturyLink from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. Finally, Morgan Stanley cut shares of CenturyLink from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $31.00 to $27.00 in a research note on Monday, July 18th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $28.37.
Shares of CenturyLink Inc. (NYSE:CTL) traded up 2.93% during trading on Friday, hitting $27.76. 13,519,671 shares of the stock were exchanged. 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 stock’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 announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. The company 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%. CenturyLink’s revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.55 EPS. On average, equities analysts predict that CenturyLink Inc. will post $2.53 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, September 2nd were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 7.78%. The ex-dividend date of this dividend was Wednesday, August 31st. CenturyLink’s payout ratio is currently 120.67%.
In other CenturyLink news, Director Harvey P. Perry sold 20,000 shares of the stock in a transaction that occurred 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 through this link. Corporate insiders own 0.61% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in CenturyLink by 25.3% in the second quarter. Dimensional Fund Advisors LP now owns 9,037,670 shares of the company’s stock valued at $262,156,000 after buying an additional 1,823,847 shares in the last quarter. Vanguard Group Inc. raised its position in shares of CenturyLink by 5.0% in the second quarter. Vanguard Group Inc. now owns 38,015,493 shares of the company’s stock worth $1,102,830,000 after buying an additional 1,815,294 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of CenturyLink by 8.9% in the second quarter. BlackRock Fund Advisors now owns 16,106,122 shares of the company’s stock worth $467,239,000 after buying an additional 1,311,134 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of CenturyLink by 25.5% in the second quarter. Ameriprise Financial Inc. now owns 5,599,218 shares of the company’s stock worth $162,421,000 after buying an additional 1,137,292 shares during the last quarter. Finally, Glenmede Trust Co. NA raised its position in shares of CenturyLink by 837.5% in the second quarter. Glenmede Trust Co. NA now owns 1,153,718 shares of the company’s stock worth $33,467,000 after buying an additional 1,030,658 shares during the last quarter. Institutional investors and hedge funds 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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