Level 3 Communications Inc. (LVLT) Upgraded to Hold at Zacks Investment Research
According to Zacks, “Level 3 Communications has a strong presence in several fields of enterprise networking including data networks, content distribution, managed services, securities, voice cloud and cloud connection. The company has been rapidly increasing its fiber presence in Latin American and European, Middle East and Asian (EMEA) countries. Level 3 Communications is also enhancing its bandwidth capability and flexibility to enable customer MNCs to adjust bandwidth according to their requirements. The launch of automated on-demand Network-as-a-Service (NaaS) with Adaptive Network Control Solutions, powered by Cisco boosts cloud suite. However, intense competiton in the enterprise communications market, customer concentration, foreign currency exchange rate risks and global macro economic fluctuations remain potent headwinds.”
A number of other brokerages have also recently commented on LVLT. JPMorgan Chase & Co. cut shares of Level 3 Communications from an overweight rating to a neutral rating and set a $60.00 target price on the stock. in a report on Thursday, July 28th. Goldman Sachs Group Inc. reaffirmed a conviction-buy rating and issued a $55.00 target price (down from $64.00) on shares of Level 3 Communications in a report on Thursday, October 13th. Pacific Crest started coverage on shares of Level 3 Communications in a report on Monday, July 25th. They issued a sector weight rating and a $54.00 target price on the stock. Jefferies Group cut their target price on shares of Level 3 Communications from $67.00 to $63.00 and set a buy rating on the stock in a report on Thursday, July 28th. Finally, BTIG Research started coverage on shares of Level 3 Communications in a report on Monday, August 8th. They issued a buy rating and a $63.00 target price on the stock. Four equities 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 company has a consensus rating of Buy and a consensus price target of $60.12.
Level 3 Communications (NYSE:LVLT) traded up 0.64% during trading on Tuesday, reaching $47.37. 694,732 shares of the company’s stock were exchanged. The firm has a market capitalization of $17.03 billion, a price-to-earnings ratio of 4.76 and a beta of 1.75. Level 3 Communications has a 52 week low of $41.73 and a 52 week high of $57.59. The stock has a 50-day moving average price of $47.63 and a 200 day moving average price of $50.95.
Level 3 Communications (NYSE:LVLT) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.53 earnings per share 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 company had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.08 billion. During the same quarter last year, the company earned $0.42 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts forecast that Level 3 Communications will post $1.66 earnings per share for the current fiscal year.
In related news, EVP John Michael Ryan sold 6,000 shares of the business’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $49.61, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew Crouch sold 8,500 shares of the business’s stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $50.00, for a total transaction of $425,000.00. Following the completion of the transaction, the insider now directly owns 118,105 shares of the company’s stock, valued at approximately $5,905,250. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Global X Management Co. LLC increased its position in shares of Level 3 Communications by 37.0% in the second quarter. Global X Management Co. LLC now owns 1,961 shares of the company’s stock valued at $101,000 after buying an additional 530 shares during the last quarter. Feltz Wealth PLAN Inc. purchased a new position in shares of Level 3 Communications during the second quarter valued at $103,000. Hall Laurie J Trustee increased its position in shares of Level 3 Communications by 14.6% in the second quarter. Hall Laurie J Trustee now owns 1,963 shares of the company’s stock valued at $104,000 after buying an additional 250 shares during the last quarter. Bellwether Investment Group LLC purchased a new position in shares of Level 3 Communications during the second quarter valued at $105,000. Finally, Jackson Grant Investment Advisers Inc. purchased a new position in shares of Level 3 Communications during the second quarter valued at $110,000.
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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