Commonwealth Bank of Australia increased its position in shares of Level 3 Communications, Inc. (NYSE:LVLT) by 753.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,480 shares of the technology company’s stock after acquiring an additional 14,548 shares during the period. Commonwealth Bank of Australia’s holdings in Level 3 Communications were worth $976,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Russell Investments Group Ltd. grew its stake in Level 3 Communications by 24.1% in the 1st quarter. Russell Investments Group Ltd. now owns 31,535 shares of the technology company’s stock worth $1,805,000 after buying an additional 6,122 shares in the last quarter. Suntrust Banks Inc. grew its stake in Level 3 Communications by 11.3% in the 1st quarter. Suntrust Banks Inc. now owns 5,644 shares of the technology company’s stock worth $322,000 after buying an additional 574 shares in the last quarter. UBS Asset Management Americas Inc. grew its stake in Level 3 Communications by 13.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 757,440 shares of the technology company’s stock worth $43,341,000 after buying an additional 87,123 shares in the last quarter. Karp Capital Management Corp purchased a new position in Level 3 Communications in the 1st quarter worth approximately $5,089,000. Finally, Ameriprise Financial Inc. grew its stake in Level 3 Communications by 41.0% in the 1st quarter. Ameriprise Financial Inc. now owns 248,233 shares of the technology company’s stock worth $13,987,000 after buying an additional 72,161 shares in the last quarter. 98.74% of the stock is currently owned by institutional investors and hedge funds.

Shares of Level 3 Communications, Inc. (LVLT) opened at 53.37 on Friday. The stock has a market cap of $19.36 billion, a PE ratio of 30.36 and a beta of 1.23. The stock has a 50 day moving average of $55.06 and a 200-day moving average of $58.07. Level 3 Communications, Inc. has a 52 week low of $44.01 and a 52 week high of $64.61.

Level 3 Communications (NYSE:LVLT) last announced its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.42 earnings per share 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 for the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter in the previous year, the business posted $0.53 earnings per share. Level 3 Communications’s quarterly revenue was up .2% on a year-over-year basis. Equities research analysts predict that Level 3 Communications, Inc. will post $1.43 earnings per share for the current fiscal year.

A number of research firms have commented 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 reissued a “buy” rating and issued a $68.00 price target (down previously from $71.00) on shares of Level 3 Communications in a research note on Tuesday, July 18th. Barclays PLC reissued an “equal weight” rating and issued a $59.00 price target (down previously from $61.00) on shares of Level 3 Communications in a research note on Friday, July 14th. 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 research 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 company has an average rating of “Hold” and an average price target of $61.67.

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In related news, EVP John Michael Ryan sold 5,927 shares of the business’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 $350,285.70. Following the sale, the executive vice president now owns 144,994 shares in the company, valued at $8,569,145.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Eric Mortensen sold 1,189 shares of the business’s stock in a transaction 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 sale, the senior vice president now owns 77,944 shares in the company, valued at approximately $4,606,490.40. The disclosure for this sale can be found here. Insiders sold 28,224 shares of company stock worth $1,668,038 in the last 90 days. 0.49% of the stock is currently owned by company insiders.

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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