Level 3 Communications Inc. (LVLT) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.
Sumitomo Mitsui Trust Holdings Inc. lowered its position in Level 3 Communications Inc. (NYSE:LVLT) by 0.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 824,702 shares of the company’s stock after selling 446 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.23% of Level 3 Communications worth $42,464,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in LVLT. Baker Avenue Asset Management LP purchased a new position in Level 3 Communications during the first quarter worth $356,000. Cleararc Capital Inc. boosted its position in Level 3 Communications by 0.3% in the first quarter. Cleararc Capital Inc. now owns 7,067 shares of the company’s stock worth $373,000 after buying an additional 23 shares during the last quarter. AXA purchased a new position in Level 3 Communications during the first quarter worth $16,241,000. UBS Asset Management Americas Inc. boosted its position in Level 3 Communications by 3.1% in the first quarter. UBS Asset Management Americas Inc. now owns 682,964 shares of the company’s stock worth $36,094,000 after buying an additional 20,374 shares during the last quarter. Finally, UBS Group AG boosted its position in Level 3 Communications by 26.5% in the first quarter. UBS Group AG now owns 303,981 shares of the company’s stock worth $16,065,000 after buying an additional 63,597 shares during the last quarter.
Shares of Level 3 Communications Inc. (NYSE:LVLT) traded up 2.13% on Tuesday, reaching $47.07. 2,286,582 shares of the company traded hands. The stock has a market cap of $16.92 billion, a price-to-earnings ratio of 4.73 and a beta of 1.75. Level 3 Communications Inc. has a 52-week low of $41.73 and a 52-week high of $57.59. The stock has a 50 day moving average of $47.70 and a 200 day moving average of $50.99.
Level 3 Communications (NYSE:LVLT) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.09. The firm earned $2.06 billion during the quarter, compared to analysts’ expectations of $2.08 billion. Level 3 Communications had a net margin of 43.75% and a return on equity of 7.14%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.42 earnings per share. On average, analysts expect that Level 3 Communications Inc. will post $1.66 earnings per share for the current year.
Several equities research analysts have commented on LVLT shares. Zacks Investment Research lowered shares of Level 3 Communications from a “buy” rating to a “hold” rating in a research note on Thursday, July 28th. Jefferies Group reiterated a “buy” rating on shares of Level 3 Communications in a report on Saturday, August 6th. Morgan Stanley restated an “overweight” rating on shares of Level 3 Communications in a report on Wednesday, June 29th. DA Davidson restated a “buy” rating and set a $68.00 target price on shares of Level 3 Communications in a report on Wednesday, July 6th. Finally, Wells Fargo & Co. reaffirmed an “overweight” rating and issued a $69.00 price objective (up previously from $61.00) on shares of Level 3 Communications in a research note on Monday, July 18th. Four research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $60.12.
In other news, insider Hector Alonso sold 1,625 shares of the company’s stock in a transaction that occurred on Tuesday, October 4th. The shares were sold at an average price of $45.80, for a total value of $74,425.00. Following the completion of the transaction, the insider now owns 123,853 shares in the company, valued at $5,672,467.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Michael Ryan sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $49.61, for a total transaction of $297,660.00. Following the completion of the transaction, the executive vice president now owns 109,956 shares of the company’s stock, valued at approximately $5,454,917.16. The disclosure for this sale can be found here. Corporate 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.
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