Insider Selling: Thomas Stortz Unloads 23,925 Shares of Level 3 Communications Stock (LVLT)
Level 3 Communications (NYSE:LVLT) CAO Thomas Stortz sold 23,925 shares of Level 3 Communications stock on the open market in a transaction dated Friday, January 3rd. The shares were sold at an average price of $32.52, for a total transaction of $778,041.00. Following the completion of the sale, the chief accounting officer now directly owns 216,102 shares in the company, valued at approximately $7,027,637. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of Level 3 Communications (NYSE:LVLT) traded up 3.62% on Monday, hitting $33.78. 2,149,056 shares of the company’s stock traded hands. Level 3 Communications has a 52-week low of $19.12 and a 52-week high of $33.35. The stock has a 50-day moving average of $30.86 and a 200-day moving average of $26.01. The company’s market cap is $7.553 billion.
Level 3 Communications (NYSE:LVLT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.09) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.04) by $0.05. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the company posted ($0.76) earnings per share. The company’s quarterly revenue was down 1.3% on a year-over-year basis. On average, analysts predict that Level 3 Communications will post $-0.49 earnings per share for the current fiscal year.
A number of research firms have recently commented on LVLT. Analysts at Zacks upgraded shares of Level 3 Communications from a “neutral” rating to an “outperform” rating in a research note to investors on Tuesday, December 31st. They now have a $35.30 price target on the stock. Separately, analysts at Drexel Hamilton initiated coverage on shares of Level 3 Communications in a research note to investors on Thursday, December 19th. They set a “hold” rating on the stock. Finally, analysts at Jefferies Group initiated coverage on shares of Level 3 Communications in a research note to investors on Thursday, December 19th. They set a “buy” rating and a $36.00 price target on the stock. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Level 3 Communications has a consensus rating of “Hold” and a consensus price target of $31.37.
Level 3 Communications, Inc (NYSE:LVLT) is a facilities-based provider of a range of integrated communications services.
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