Level 3 Communications, Inc. (LVLT) Shares Sold by Leucadia National Corp
Leucadia National Corp reduced its position in Level 3 Communications, Inc. (NYSE:LVLT) by 28.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,633 shares of the technology company’s stock after selling 18,672 shares during the period. Level 3 Communications comprises approximately 0.2% of Leucadia National Corp’s portfolio, making the stock its 25th largest position. Leucadia National Corp’s holdings in Level 3 Communications were worth $2,825,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. increased its position in shares of Level 3 Communications by 155.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 2,226 shares of the technology company’s stock worth $132,000 after buying an additional 1,354 shares in the last quarter. KCG Holdings Inc. bought a new position in shares of Level 3 Communications during the first quarter worth $212,000. Warren Averett Asset Management LLC bought a new position in shares of Level 3 Communications during the first quarter worth $222,000. Global X Management Co. LLC increased its position in shares of Level 3 Communications by 26.0% in the first quarter. Global X Management Co. LLC now owns 4,178 shares of the technology company’s stock worth $239,000 after buying an additional 863 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new position in shares of Level 3 Communications during the first quarter worth $244,000. 98.74% of the stock is owned by institutional investors.
Shares of Level 3 Communications, Inc. (LVLT) traded up 0.101% on Monday, reaching $54.345. 161,190 shares of the company were exchanged. The company’s 50-day moving average price is $56.87 and its 200 day moving average price is $58.47. The company has a market cap of $19.71 billion, a price-to-earnings ratio of 30.913 and a beta of 1.23. Level 3 Communications, Inc. has a 12 month low of $44.01 and a 12 month high of $64.61.
Level 3 Communications (NYSE:LVLT) last announced its earnings results on Wednesday, August 2nd. The technology company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.03. The company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.06 billion. Level 3 Communications had a return on equity of 5.80% and a net margin of 7.85%. The firm’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 earnings per share. On average, equities research analysts expect that Level 3 Communications, Inc. will post $1.42 EPS for the current year.
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A number of brokerages have weighed in on LVLT. BidaskClub raised shares of Level 3 Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 16th. UBS AG reaffirmed a “buy” rating and issued a $68.00 target price (down from $71.00) on shares of Level 3 Communications in a research note on Tuesday, July 18th. Barclays PLC reaffirmed an “equal weight” rating and issued a $59.00 target price (down from $61.00) on shares of Level 3 Communications in a research note on Friday, July 14th. Raymond James Financial, Inc. reaffirmed an “underperform” rating and issued a $62.82 target price on shares of Level 3 Communications in a research note on Monday, May 15th. Finally, Zacks Investment Research raised shares of Level 3 Communications from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $61.67.
In related news, SVP Eric Mortensen sold 1,189 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $59.10, for a total transaction of $70,269.90. Following the completion of the transaction, the senior vice president now owns 77,944 shares in the company, valued at $4,606,490.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP John Michael Ryan sold 5,927 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $59.10, for a total value of $350,285.70. Following the transaction, the executive vice president now owns 144,994 shares of the company’s stock, valued at approximately $8,569,145.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,224 shares of company stock valued at $1,668,038. 0.53% of the stock is owned by corporate insiders.
About Level 3 Communications
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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