Trading Report: Today, State Treasurer State of Michigan invests in Level 3 Communications Inc. (LVLT) Shares

Today, State Treasurer State of Michigan invests in Level 3 Communications Inc. (LVLT) Shares

State Treasurer State of Michigan increased its stake in Level 3 Communications Inc. (NYSE:LVLT) by 0.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 101,600 shares of the company’s stock after buying an additional 900 shares during the period. State Treasurer State of Michigan’s holdings in Level 3 Communications were worth $4,712,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of LVLT. Brahman Capital Corp. acquired a new position in shares of Level 3 Communications during the second quarter worth about $240,963,000. Alpine Investment Management LLC boosted its position in shares of Level 3 Communications by 73.9% in the third quarter. Alpine Investment Management LLC now owns 2,362,863 shares of the company’s stock worth $109,590,000 after buying an additional 1,004,180 shares during the period. Carmignac Gestion boosted its position in shares of Level 3 Communications by 15.0% in the second quarter. Carmignac Gestion now owns 7,422,726 shares of the company’s stock worth $382,196,000 after buying an additional 969,789 shares during the period. Manning & Napier Advisors LLC boosted its position in shares of Level 3 Communications by 450.4% in the third quarter. Manning & Napier Advisors LLC now owns 1,071,590 shares of the company’s stock worth $49,699,000 after buying an additional 876,880 shares during the period. Finally, Locust Wood Capital Advisers LLC acquired a new position in shares of Level 3 Communications during the second quarter worth about $36,812,000.

Shares of Level 3 Communications Inc. (NYSE:LVLT) opened at 56.79 on Friday. The company has a market capitalization of $20.44 billion, a price-to-earnings ratio of 5.49 and a beta of 1.60. Level 3 Communications Inc. has a 12 month low of $41.73 and a 12 month high of $57.59. The company’s 50-day moving average is $51.19 and its 200 day moving average is $50.98.

Level 3 Communications (NYSE:LVLT) last issued its earnings results on Thursday, November 3rd. The company reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.04. Level 3 Communications had a return on equity of 6.18% and a net margin of 45.64%. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter in the previous year, the company earned $0.48 earnings per share. The firm’s revenue was down 1.4% on a year-over-year basis. On average, equities research analysts anticipate that Level 3 Communications Inc. will post $1.59 earnings per share for the current year.

LVLT has been the subject of a number of recent research reports. Goldman Sachs Group Inc. reissued a “conviction-buy” rating and set a $55.00 price target (down from $64.00) on shares of Level 3 Communications in a research report on Thursday, October 13th. JPMorgan Chase & Co. raised shares of Level 3 Communications from a “neutral” rating to an “overweight” rating and set a $55.00 price target for the company in a research report on Friday, October 14th. Zacks Investment Research cut shares of Level 3 Communications from a “hold” rating to a “strong sell” rating in a research report on Monday, September 26th. William Blair cut shares of Level 3 Communications from an “outperform” rating to a “market perform” rating in a research report on Monday, October 31st. Finally, Moffett Nathanson cut shares of Level 3 Communications from a “buy” rating to a “neutral” rating in a research report on Tuesday. Fourteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $61.31.

In other Level 3 Communications news, insider Andrew Crouch sold 8,500 shares of the stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $50.00, for a total transaction of $425,000.00. Following the completion of the sale, the insider now directly owns 118,105 shares of the company’s stock, valued at $5,905,250. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John Michael Ryan sold 2,170 shares of the stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $45.55, for a total transaction of $98,843.50. Following the sale, the executive vice president now directly owns 114,532 shares of the company’s stock, valued at $5,216,932.60. The disclosure for this sale can be found here. Company insiders own 0.49% of the company’s stock.

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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