Macquarie Group Ltd. lessened its stake in Level 3 Communications, Inc. (NYSE:LVLT) by 90.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,500 shares of the technology company’s stock after selling 68,342 shares during the quarter. Macquarie Group Ltd.’s holdings in Level 3 Communications were worth $445,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Tiverton Asset Management LLC purchased a new stake in shares of Level 3 Communications in the 2nd quarter valued at approximately $126,000. Sun Life Financial INC boosted its holdings in Level 3 Communications by 23,733.3% in the 2nd quarter. Sun Life Financial INC now owns 2,145 shares of the technology company’s stock valued at $127,000 after purchasing an additional 2,136 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its holdings in Level 3 Communications by 155.3% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,226 shares of the technology company’s stock valued at $132,000 after purchasing an additional 1,354 shares during the period. Bronfman E.L. Rothschild L.P. boosted its holdings in Level 3 Communications by 449.0% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 2,306 shares of the technology company’s stock valued at $137,000 after purchasing an additional 1,886 shares during the period. Finally, Oppenheimer & Co. Inc. bought a new stake in Level 3 Communications in the 2nd quarter valued at $211,000. 98.84% of the stock is owned by institutional investors and hedge funds.

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LVLT has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Level 3 Communications from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Barclays PLC lowered their price objective on shares of Level 3 Communications from $59.00 to $53.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 4th. BidaskClub cut shares of Level 3 Communications from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 9th. Finally, UBS AG restated a “buy” rating and issued a $68.00 price objective (down previously from $71.00) on shares of Level 3 Communications in a research report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $61.92.

Level 3 Communications, Inc. (LVLT) opened at 53.63 on Wednesday. The company’s 50-day moving average is $53.71 and its 200-day moving average is $57.30. Level 3 Communications, Inc. has a one year low of $50.82 and a one year high of $64.61. The firm has a market capitalization of $19.45 billion, a P/E ratio of 30.51 and a beta of 1.21.

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, beating the consensus estimate of $0.39 by $0.03. Level 3 Communications had a return on equity of 5.80% and a net margin of 7.85%. The business had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same period last year, the business earned $0.53 EPS. The business’s revenue was up .2% on a year-over-year basis. Equities analysts forecast that Level 3 Communications, Inc. will post $1.44 earnings per share for the current fiscal year.

Level 3 Communications 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.

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

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