Level 3 Communications, Inc. (LVLT) Price Target Cut to $53.00 by Analysts at Barclays PLC
Level 3 Communications, Inc. (NYSE:LVLT) had its price objective reduced by analysts at Barclays PLC from $59.00 to $53.00 in a research report issued to clients and investors on Wednesday. The firm presently has an “equal weight” rating on the technology company’s stock. Barclays PLC’s target price would suggest a potential downside of 4.16% from the company’s previous close.
LVLT has been the subject of a number of other reports. BidaskClub upgraded shares of Level 3 Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, June 16th. Zacks Investment Research downgraded Level 3 Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Finally, UBS AG reaffirmed a “buy” rating and issued a $68.00 target price (down previously from $71.00) on shares of Level 3 Communications in a report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $61.12.
Level 3 Communications (NYSE LVLT) traded down 0.05% during mid-day trading on Wednesday, hitting $55.27. 1,478,176 shares of the stock were exchanged. The stock has a market cap of $20.05 billion, a price-to-earnings ratio of 31.44 and a beta of 1.21. The company has a 50 day moving average price of $53.69 and a 200 day moving average price of $57.81. Level 3 Communications has a 52 week low of $44.01 and a 52 week high of $64.61.
Level 3 Communications (NYSE:LVLT) last issued its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.03. The business had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Level 3 Communications had a net margin of 7.85% and a return on equity of 5.80%. Level 3 Communications’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the company earned $0.53 earnings per share. Analysts expect that Level 3 Communications will post $1.43 EPS for the current fiscal year.
A number of institutional investors have recently modified their holdings of LVLT. Russell Investments Group Ltd. increased its holdings in shares of Level 3 Communications by 24.1% during the first 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. UBS Asset Management Americas Inc. grew its position in Level 3 Communications by 13.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 757,440 shares of the technology company’s stock worth $43,341,000 after acquiring an additional 87,123 shares during the last quarter. Ameriprise Financial Inc. grew its position in Level 3 Communications by 41.0% during the 1st quarter. Ameriprise Financial Inc. now owns 248,233 shares of the technology company’s stock worth $13,987,000 after acquiring an additional 72,161 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its position in Level 3 Communications by 11.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 8,743 shares of the technology company’s stock worth $500,000 after acquiring an additional 907 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in Level 3 Communications by 59.4% during the 1st quarter. Nordea Investment Management AB now owns 14,736 shares of the technology company’s stock worth $843,000 after acquiring an additional 5,494 shares during the last quarter. 98.83% of the stock is currently owned by hedge funds and other institutional investors.
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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