Amerigo Asset Management decreased its position in Level 3 Communications Inc. (NYSE:LVLT) by 31.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,859,266 shares of the company’s stock after selling 1,292,879 shares during the period. Level 3 Communications comprises about 16.0% of Amerigo Asset Management’s holdings, making the stock its 3rd largest position. Amerigo Asset Management owned about 0.80% of Level 3 Communications worth $132,613,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in LVLT. Vanguard Group Inc. increased its position in Level 3 Communications by 1.6% in the second quarter. Vanguard Group Inc. now owns 26,259,636 shares of the company’s stock worth $1,352,109,000 after buying an additional 421,901 shares during the period. State Street Corp increased its position in Level 3 Communications by 0.8% in the second quarter. State Street Corp now owns 10,837,172 shares of the company’s stock worth $558,005,000 after buying an additional 87,095 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in 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 worth $414,682,000 after buying an additional 691,962 shares during the period. Carmignac Gestion increased its position in 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. Finally, BlackRock Fund Advisors increased its position in Level 3 Communications by 9.0% in the second quarter. BlackRock Fund Advisors now owns 5,462,772 shares of the company’s stock worth $281,278,000 after buying an additional 448,860 shares during the period.
Level 3 Communications Inc. (NYSE:LVLT) traded up 0.25% during trading on Monday, reaching $56.93. 687,689 shares of the company’s stock traded hands. The company has a market cap of $20.49 billion, a P/E ratio of 5.51 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 firm’s 50 day moving average is $51.19 and its 200 day moving average is $50.98.
Level 3 Communications (NYSE:LVLT) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.39 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.04. Level 3 Communications had a net margin of 45.64% and a return on equity of 6.18%. The business earned $2.03 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the prior year, the company earned $0.48 earnings per share. The company’s quarterly revenue was down 1.4% on a year-over-year basis. Analysts anticipate that Level 3 Communications Inc. will post $1.59 EPS for the current year.
A number of equities analysts have commented on LVLT shares. Goldman Sachs Group Inc. restated a “conviction-buy” rating and issued a $55.00 target price (down from $64.00) on shares of Level 3 Communications in a research note on Thursday, October 13th. JPMorgan Chase & Co. raised Level 3 Communications from a “neutral” rating to an “overweight” rating and set a $55.00 price target on the stock in a report on Friday, October 14th. Zacks Investment Research cut Level 3 Communications from a “hold” rating to a “strong sell” rating in a report on Monday, September 26th. William Blair cut Level 3 Communications from an “outperform” rating to a “market perform” rating in a report on Monday, October 31st. Finally, Moffett Nathanson cut Level 3 Communications from a “buy” rating to a “neutral” rating in a report on Tuesday, November 22nd. Fourteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $61.31.
In other Level 3 Communications news, insider Hector Alonso sold 1,625 shares of the stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $45.80, for a total value of $74,425.00. Following the sale, the insider now directly owns 123,853 shares in the company, valued at $5,672,467.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP John Michael Ryan sold 6,000 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $49.61, for a total transaction of $297,660.00. Following the completion of the sale, the executive vice president now owns 109,956 shares in the company, valued at $5,454,917.16. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by corporate insiders.
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.