Today, Level 3 Communications Inc. (LVLT) Stock Rating Reaffirmed by Goldman Sachs Group Inc.

Today, Level 3 Communications Inc. (LVLT) Stock Rating Reaffirmed by Goldman Sachs Group Inc.

Level 3 Communications Inc. (NYSE:LVLT)‘s stock had its “conviction-buy” rating reaffirmed by equities research analysts at Goldman Sachs Group Inc. in a research report issued on Thursday. They currently have a $55.00 price target on the stock, down from their prior price target of $64.00. Goldman Sachs Group Inc.’s target price indicates a potential upside of 19.18% from the company’s current price.

A number of other brokerages have also recently commented on LVLT. JPMorgan Chase & Co. cut shares of Level 3 Communications from an “overweight” rating to a “neutral” rating and set a $60.00 target price for the company. in a research report on Thursday, July 28th. Zacks Investment Research upgraded shares of Level 3 Communications from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Tuesday, July 26th. Pacific Crest began coverage on shares of Level 3 Communications in a research report on Monday, July 25th. They set a “sector weight” rating and a $54.00 price objective for the company. Jefferies Group cut their price objective on shares of Level 3 Communications from $67.00 to $63.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Finally, BTIG Research began coverage on shares of Level 3 Communications in a research report on Monday, August 8th. They set a “buy” rating and a $63.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $60.50.

Shares of Level 3 Communications (NYSE:LVLT) opened at 46.15 on Thursday. The stock has a 50 day moving average of $47.79 and a 200 day moving average of $51.06. Level 3 Communications has a 12-month low of $41.73 and a 12-month high of $57.59. The company has a market cap of $16.59 billion, a price-to-earnings ratio of 4.64 and a beta of 1.75.

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

In related news, VP Sunit S. Patel sold 6,170 shares of the firm’s stock in a transaction that occurred on Tuesday, October 4th. The shares were sold at an average price of $45.81, for a total value of $282,647.70. Following the sale, the vice president now owns 462,286 shares of the company’s stock, valued at $21,177,321.66. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew Crouch sold 4,200 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $50.34, for a total transaction of $211,428.00. Following the completion of the sale, the insider now directly owns 130,905 shares in the company, valued at approximately $6,589,757.70. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of the stock. Brahman Capital Corp. purchased a new stake in shares of Level 3 Communications during the second quarter valued at $240,963,000. Carmignac Gestion boosted its stake 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 valued at $382,196,000 after buying an additional 969,789 shares during the period. Locust Wood Capital Advisers LLC purchased a new stake in shares of Level 3 Communications during the second quarter valued at $36,812,000. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Level 3 Communications by 9.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 8,053,639 shares of the company’s stock valued at $414,682,000 after buying an additional 691,962 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in shares of Level 3 Communications by 140.5% in the second quarter. Teacher Retirement System of Texas now owns 982,019 shares of the company’s stock valued at $50,564,000 after buying an additional 573,728 shares during the period.

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