CenturyLink, Inc. (CTL) Rating Lowered to Strong Sell at Zacks Investment Research
CenturyLink, Inc. (NYSE:CTL) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Friday.
According to Zacks, “Over the past three months,CenturyLink Inc.'s stock price lagged the industry. Loss in access lines, reducing legacy voice services revenues, tough competition, federal regulations and the need to upgrade technology remain headwinds. Also, CenturyLink unveiled disappointing guidance for certain important metrics for the third-quarter 2017. Nonetheless, recently, CenturyLink and Level 3 Communications moved further closer to their proposed merger amid approval from 23 states and territories. Moreover, CenturyLink remains focused on establishing itself as a global leader in cloud infrastructure and hosted IT solutions arena for enterprise customers. Recently, the company unveiled a beta version of its OTT TV services. CenturyLink invests in fiber-to-the-tower expansion and has expanded its fiber-based backhaul services.”
Other equities research analysts have also recently issued research reports about the company. Vetr raised CenturyLink from a “hold” rating to a “buy” rating and set a $27.12 price target for the company in a report on Monday, May 1st. Bank of America Corporation reaffirmed a “buy” rating on shares of CenturyLink in a report on Tuesday, May 9th. UBS AG set a $29.00 price target on CenturyLink and gave the company a “buy” rating in a report on Thursday, June 22nd. ValuEngine raised CenturyLink from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Finally, BidaskClub cut CenturyLink from a “buy” rating to a “hold” rating in a report on Tuesday, June 20th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. CenturyLink currently has a consensus rating of “Hold” and an average target price of $26.15.
Shares of CenturyLink (CTL) opened at 20.23 on Friday. The stock has a market cap of $11.12 billion, a price-to-earnings ratio of 29.32 and a beta of 0.87. CenturyLink has a 52 week low of $18.41 and a 52 week high of $33.45. The firm has a 50-day moving average price of $22.08 and a 200 day moving average price of $23.93.
CenturyLink (NYSE:CTL) last announced its earnings results on Wednesday, August 2nd. The technology company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by $0.03. CenturyLink had a net margin of 2.20% and a return on equity of 8.43%. The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.09 billion. During the same period in the previous year, the company earned $0.63 EPS. CenturyLink’s revenue was down 7.0% compared to the same quarter last year. On average, analysts forecast that CenturyLink will post $1.95 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC raised its position in CenturyLink by 26.4% in the second quarter. Lord Abbett & CO. LLC now owns 206,400 shares of the technology company’s stock valued at $4,929,000 after buying an additional 43,100 shares in the last quarter. Sentry Investment Management LLC raised its position in CenturyLink by 0.5% in the second quarter. Sentry Investment Management LLC now owns 37,917 shares of the technology company’s stock valued at $905,000 after buying an additional 174 shares in the last quarter. WFG Advisors LP raised its position in CenturyLink by 18.3% in the second quarter. WFG Advisors LP now owns 83,369 shares of the technology company’s stock valued at $1,991,000 after buying an additional 12,913 shares in the last quarter. Toronto Dominion Bank raised its position in CenturyLink by 19.6% in the second quarter. Toronto Dominion Bank now owns 228,959 shares of the technology company’s stock valued at $5,468,000 after buying an additional 37,589 shares in the last quarter. Finally, Cetera Investment Advisers purchased a new position in CenturyLink during the second quarter valued at approximately $293,000. Institutional investors and hedge funds own 77.77% of the company’s stock.
CenturyLink Company Profile
CenturyLink, Inc is an integrated communications company. The Company is engaged in providing an array of communications services to its residential and business customers. Its segments include business, which provides strategic, legacy and data integration products and services to small, medium and enterprise business, wholesale and governmental customers, including other communication providers, and consumer, which provides strategic and legacy products and services to residential customers.
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