Beck Mack & Oliver LLC raised its position in shares of Level 3 Communications Inc. (NYSE:LVLT) by 22.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,259,120 shares of the company’s stock after buying an additional 229,138 shares during the period. Level 3 Communications comprises approximately 2.3% of Beck Mack & Oliver LLC’s investment portfolio, making the stock its 15th largest position. Beck Mack & Oliver LLC owned 0.35% of Level 3 Communications worth $64,833,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in LVLT. Jericho Capital Asset Management L.P. increased its position in Level 3 Communications by 27.3% in the first quarter. Jericho Capital Asset Management L.P. now owns 2,044,344 shares of the company’s stock worth $108,044,000 after buying an additional 438,559 shares during the period. Renaissance Technologies LLC increased its position in Level 3 Communications by 1,511.2% in the first quarter. Renaissance Technologies LLC now owns 503,873 shares of the company’s stock worth $26,630,000 after buying an additional 472,600 shares during the period. Carmignac Gestion increased its position in Level 3 Communications by 15.0% in the second quarter. Carmignac Gestion now owns 7,422,726 shares of the company’s stock worth $382,196,000 after buying an additional 969,789 shares during the period. Legal & General Group Plc increased its position in Level 3 Communications by 5.1% in the first quarter. Legal & General Group Plc now owns 1,372,245 shares of the company’s stock worth $72,525,000 after buying an additional 66,951 shares during the period. Finally, New York State Teachers Retirement System increased its position in Level 3 Communications by 2.9% in the second quarter. New York State Teachers Retirement System now owns 480,021 shares of the company’s stock worth $24,716,000 after buying an additional 13,583 shares during the period.

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

Level 3 Communications Inc. (NYSE:LVLT) traded up 2.650% on Friday, reaching $46.285. The company had a trading volume of 2,486,830 shares. The stock has a market capitalization of $16.64 billion, a PE ratio of 4.650 and a beta of 1.75. Level 3 Communications Inc. has a 12-month low of $41.73 and a 12-month high of $57.59. The stock’s 50 day moving average price is $47.88 and its 200-day moving average price is $51.10.

Level 3 Communications (NYSE:LVLT) last posted its earnings results on Wednesday, July 27th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.09. Level 3 Communications had a net margin of 43.75% and a return on equity of 7.14%. The business earned $2.06 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter in the previous year, the firm posted $0.42 EPS. The firm’s revenue was up .9% on a year-over-year basis. Equities analysts expect that Level 3 Communications Inc. will post $1.66 earnings per share for the current fiscal year.

A number of research firms recently weighed in on LVLT. Jefferies Group reaffirmed a “buy” rating on shares of Level 3 Communications in a research note on Saturday, August 6th. Zacks Investment Research raised Level 3 Communications from a “sell” rating to a “hold” rating in a report on Tuesday, July 12th. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Level 3 Communications in a report on Wednesday, July 6th. BTIG Research initiated coverage on Level 3 Communications in a report on Monday, August 8th. They set a “buy” rating and a $63.00 price objective for the company. Finally, Citigroup Inc. reissued a “buy” rating and set a $66.00 price objective on shares of Level 3 Communications in a report on Friday, July 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Level 3 Communications currently has an average rating of “Buy” and an average target price of $61.13.

In other news, VP Sunit S. Patel sold 6,170 shares of the business’s stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $45.81, for a total transaction of $282,647.70. Following the completion of the sale, the vice president now owns 462,286 shares of the company’s stock, valued at approximately $21,177,321.66. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Eric Mortensen sold 595 shares of the business’s stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $46.17, for a total transaction of $27,471.15. Following the sale, the senior vice president now directly owns 69,894 shares of the company’s stock, valued at approximately $3,227,005.98. The disclosure for this sale can be found here. Insiders own 0.49% of the company’s stock.

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.

5 Day Chart for NYSE:LVLT

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