Level 3 Communications, Inc. (LVLT) Shares Sold by Texas Permanent School Fund

Texas Permanent School Fund reduced its stake in Level 3 Communications, Inc. (NYSE:LVLT) by 3.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 82,247 shares of the technology company’s stock after selling 3,114 shares during the period. Texas Permanent School Fund’s holdings in Level 3 Communications were worth $4,877,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of LVLT. Daiwa Securities Group Inc. raised its position in Level 3 Communications by 4.8% in the second quarter. Daiwa Securities Group Inc. now owns 8,750 shares of the technology company’s stock valued at $519,000 after buying an additional 400 shares during the period. Honkamp Krueger Financial Services Inc. raised its stake in shares of Level 3 Communications by 2.2% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 4,858 shares of the technology company’s stock worth $288,000 after buying an additional 105 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Level 3 Communications by 5.1% in the second quarter. Janney Montgomery Scott LLC now owns 21,629 shares of the technology company’s stock worth $1,283,000 after buying an additional 1,050 shares during the last quarter. IBM Retirement Fund raised its stake in shares of Level 3 Communications by 121.5% in the second quarter. IBM Retirement Fund now owns 7,218 shares of the technology company’s stock worth $478,000 after buying an additional 3,960 shares during the last quarter. Finally, NGAM Advisors L.P. raised its stake in shares of Level 3 Communications by 63.0% in the second quarter. NGAM Advisors L.P. now owns 34,555 shares of the technology company’s stock worth $2,049,000 after buying an additional 13,351 shares during the last quarter.

Level 3 Communications, Inc. (LVLT) opened at 52.69 on Friday. Level 3 Communications, Inc. has a 1-year low of $44.01 and a 1-year high of $64.61. The company has a 50-day moving average price of $57.57 and a 200-day moving average price of $58.65. The company has a market cap of $19.11 billion, a PE ratio of 29.97 and a beta of 1.23.

Level 3 Communications (NYSE:LVLT) last posted its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.03. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. Level 3 Communications had a net margin of 7.85% and a return on equity of 5.80%. The company’s revenue was up .2% compared to the same quarter last year. During the same period last year, the firm posted $0.53 earnings per share. On average, analysts expect that Level 3 Communications, Inc. will post $1.42 EPS for the current fiscal year.

ILLEGAL ACTIVITY WARNING: This story was posted by BNB Daily and is the sole property of of BNB Daily. If you are accessing this story on another publication, it was illegally stolen and reposted in violation of US and international trademark and copyright law. The legal version of this story can be read at https://www.baseball-news-blog.com/2017/08/19/level-3-communications-inc-lvlt-stake-reduced-by-texas-permanent-school-fund-updated-updated.html.

LVLT has been the subject of a number of recent research reports. Zacks Investment Research downgraded Level 3 Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. BidaskClub downgraded Level 3 Communications from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Jefferies Group LLC dropped their price objective on Level 3 Communications from $64.00 to $59.00 and set a “hold” rating on the stock in a research note on Thursday, May 4th. Raymond James Financial, Inc. reiterated an “underperform” rating and issued a $62.82 price objective on shares of Level 3 Communications in a research note on Monday, May 15th. Finally, Barclays PLC restated an “equal weight” rating and set a $59.00 target price (down previously from $61.00) on shares of Level 3 Communications in a research report on Friday, July 14th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the stock. Level 3 Communications has an average rating of “Hold” and a consensus target price of $61.36.

In other Level 3 Communications news, VP Sunit S. Patel sold 16,653 shares of Level 3 Communications stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $59.10, for a total transaction of $984,192.30. Following the completion of the sale, the vice president now directly owns 545,330 shares in the company, valued at $32,229,003. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Eric Mortensen sold 1,189 shares of Level 3 Communications stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $59.10, for a total transaction of $70,269.90. Following the completion of the transaction, the senior vice president now owns 77,944 shares of the company’s stock, valued at approximately $4,606,490.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,224 shares of company stock worth $1,668,038. 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.

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

Receive News & Ratings for Level 3 Communications Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Level 3 Communications Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply