Today: The 533 Shares of Level 3 Communications Inc. (LVLT) are sold by SOL Capital Management CO

The 533 Shares of Level 3 Communications Inc. (LVLT) are sold by SOL Capital Management CO

SOL Capital Management CO decreased its stake in shares of Level 3 Communications Inc. (NYSE:LVLT) by 5.5% during the second quarter, Holdings Channel reports. The institutional investor owned 9,131 shares of the company’s stock after selling 533 shares during the period. SOL Capital Management CO’s holdings in Level 3 Communications were worth $470,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. State Street Corp increased its position in shares of Level 3 Communications by 0.3% in the first quarter. State Street Corp now owns 10,750,077 shares of the company’s stock worth $568,144,000 after buying an additional 32,292 shares during the period. Carmignac Gestion increased 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. Geode Capital Management LLC increased its position in shares of Level 3 Communications by 3.2% in the first quarter. Geode Capital Management LLC now owns 2,378,450 shares of the company’s stock worth $125,448,000 after buying an additional 73,055 shares during the period. Jericho Capital Asset Management L.P. increased its position in shares of Level 3 Communications by 27.3% in the first quarter. Jericho Capital Asset Management L.P. now owns 2,044,344 shares of the company’s stock worth $108,044,000 after buying an additional 438,559 shares during the period. Finally, Legal & General Group Plc increased its position in shares of Level 3 Communications by 5.1% in the first quarter. Legal & General Group Plc now owns 1,372,245 shares of the company’s stock worth $72,525,000 after buying an additional 66,951 shares during the period.

Level 3 Communications Inc. (NYSE:LVLT) traded up 2.35% during midday trading on Friday, hitting $46.15. The stock had a trading volume of 3,579,385 shares. Level 3 Communications Inc. has a one year low of $41.73 and a one year high of $57.59. The firm has a 50 day moving average price of $47.88 and a 200 day moving average price of $51.10. The stock has a market cap of $16.59 billion, a PE ratio of 4.64 and a beta of 1.75.

Level 3 Communications (NYSE:LVLT) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.09. The company had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.08 billion. Level 3 Communications had a return on equity of 7.14% and a net margin of 43.75%. The firm’s revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.42 earnings per share. Equities analysts expect that Level 3 Communications Inc. will post $1.66 EPS for the current year.

LVLT has been the subject of a number of analyst reports. JPMorgan Chase & Co. downgraded Level 3 Communications from an “overweight” rating to a “neutral” rating and set a $60.00 target price for the company. in a research note on Thursday, July 28th. Goldman Sachs Group Inc. downgraded Level 3 Communications from a “conviction-buy” rating to a “buy” rating in a research note on Thursday. Zacks Investment Research raised Level 3 Communications from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research note on Tuesday, July 26th. Pacific Crest started coverage on Level 3 Communications in a research note on Monday, July 25th. They issued a “sector weight” rating and a $54.00 price objective for the company. Finally, Jefferies Group dropped their price objective on Level 3 Communications from $67.00 to $63.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $61.13.

In other Level 3 Communications news, insider Hector Alonso sold 1,625 shares of the company’s stock in a transaction on Tuesday, October 4th. The stock was sold at an average price of $45.80, for a total value of $74,425.00. Following the transaction, the insider now owns 123,853 shares of the company’s stock, valued at $5,672,467.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew Crouch sold 4,300 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $50.00, for a total value of $215,000.00. Following the completion of the transaction, the insider now directly owns 126,605 shares in the company, valued at approximately $6,330,250. The disclosure for this sale can be found here. 0.49% of the stock is owned by company insiders.

About Level 3 Communications

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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