Principal Financial Group Inc. grew its stake in Level 3 Communications, Inc. (NYSE:LVLT) by 3.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 454,736 shares of the technology company’s stock after acquiring an additional 14,907 shares during the period. Principal Financial Group Inc. owned 0.13% of Level 3 Communications worth $26,966,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of LVLT. Cleararc Capital Inc. boosted its stake in shares of Level 3 Communications by 0.7% during the first quarter. Cleararc Capital Inc. now owns 7,147 shares of the technology company’s stock valued at $409,000 after purchasing an additional 50 shares in the last quarter. Capstone Asset Management Co. boosted its stake in shares of Level 3 Communications by 0.3% during the second quarter. Capstone Asset Management Co. now owns 21,215 shares of the technology company’s stock valued at $1,258,000 after purchasing an additional 60 shares in the last quarter. Private Advisor Group LLC boosted its stake in shares of Level 3 Communications by 1.1% during the first quarter. Private Advisor Group LLC now owns 6,516 shares of the technology company’s stock valued at $377,000 after purchasing an additional 68 shares in the last quarter. MAI Capital Management boosted its stake in shares of Level 3 Communications by 1.7% during the second quarter. MAI Capital Management now owns 5,314 shares of the technology company’s stock valued at $315,000 after purchasing an additional 90 shares in the last quarter. Finally, ING Groep NV boosted its stake in shares of Level 3 Communications by 0.4% during the second quarter. ING Groep NV now owns 22,545 shares of the technology company’s stock valued at $1,337,000 after purchasing an additional 93 shares in the last quarter. Institutional investors and hedge funds own 98.74% of the company’s stock.

Shares of Level 3 Communications, Inc. (LVLT) opened at 52.81 on Monday. Level 3 Communications, Inc. has a 52 week low of $44.01 and a 52 week high of $64.61. The firm has a market capitalization of $19.15 billion, a P/E ratio of 30.04 and a beta of 1.23. The firm has a 50-day moving average of $55.82 and a 200 day moving average of $58.24.

Level 3 Communications (NYSE:LVLT) last posted its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.39 by $0.03. Level 3 Communications had a net margin of 7.85% and a return on equity of 5.80%. The company had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter in the previous year, the business posted $0.53 EPS. The firm’s revenue was up .2% on a year-over-year basis. On average, equities research analysts expect that Level 3 Communications, Inc. will post $1.43 EPS for the current fiscal year.

A number of equities analysts have recently issued reports on the stock. BidaskClub upgraded shares of Level 3 Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 16th. UBS AG reiterated a “buy” rating and set a $68.00 price objective (down from $71.00) on shares of Level 3 Communications in a research note on Tuesday, July 18th. Barclays PLC reiterated an “equal weight” rating and set a $59.00 price objective (down from $61.00) on shares of Level 3 Communications in a research note on Friday, July 14th. Raymond James Financial, Inc. reiterated an “underperform” rating and set a $62.82 price objective on shares of Level 3 Communications in a research note on Monday, May 15th. Finally, Zacks Investment Research upgraded shares of Level 3 Communications from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company’s stock. Level 3 Communications has an average rating of “Hold” and a consensus target price of $61.67.

In other news, VP Sunit S. Patel sold 16,653 shares of the company’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $59.10, for a total value of $984,192.30. Following the completion of the transaction, the vice president now owns 545,330 shares in the company, valued at approximately $32,229,003. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Eric Mortensen sold 1,189 shares of the company’s stock in a transaction on Wednesday, July 5th. The shares were 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 of the company’s stock, valued at approximately $4,606,490.40. The disclosure for this sale can be found here. Insiders have sold a total of 28,224 shares of company stock valued at $1,668,038 in the last quarter. 0.53% of the stock is currently owned by company insiders.

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

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