Level 3 Communications CFO Sells $778,482 in Stock (LVLT)
Level 3 Communications (NYSE:LVLT) CFO Sunit Patel sold 24,005 shares of the stock on the open market in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $32.43, for a total transaction of $778,482.15. Following the completion of the sale, the chief financial officer now directly owns 272,695 shares of the company’s stock, valued at approximately $8,843,499. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
A number of analysts have recently weighed in on LVLT shares. 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 research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Level 3 Communications currently has an average rating of “Hold” and an average target price of $31.37.
Level 3 Communications (NYSE:LVLT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.09) EPS for the quarter, missing the Thomson Reuters 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 last year, the company posted ($0.76) earnings per share. Level 3 Communications’s revenue was down 1.3% compared to the same quarter last year.
Level 3 Communications, Inc (NYSE:LVLT) is a facilities-based provider of a range of integrated communications services.
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