Level 3 Communications Inc. (LVLT) Upgraded at JPMorgan Chase & Co.
Level 3 Communications Inc. (NYSE:LVLT) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Friday, The Fly reports.
A number of other research analysts have also recently issued reports on the company. Goldman Sachs Group Inc. cut Level 3 Communications from a “conviction-buy” rating to a “buy” rating in a research note on Thursday. Zacks Investment Research cut Level 3 Communications from a “hold” rating to a “strong sell” rating in a research note on Monday, September 26th. Moffett Nathanson upgraded Level 3 Communications from a “neutral” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Wednesday, August 24th. BTIG Research initiated coverage on Level 3 Communications in a research note on Monday, August 8th. They issued a “buy” rating and a $63.00 price target for the company. Finally, Jefferies Group restated a “buy” rating on shares of Level 3 Communications in a research note on Saturday, August 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have assigned a buy rating to the company. Level 3 Communications presently has a consensus rating of “Buy” and a consensus target price of $61.44.
Level 3 Communications (NYSE:LVLT) opened at 45.09 on Friday. The stock’s 50 day moving average price is $47.88 and its 200 day moving average price is $51.10. The company has a market cap of $16.21 billion, a P/E ratio of 4.53 and a beta of 1.75. Level 3 Communications has a 1-year low of $41.73 and a 1-year high of $57.59.
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Level 3 Communications (NYSE:LVLT) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.53 earnings per share (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 return on equity of 7.14% and a net margin of 43.75%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share. On average, equities analysts anticipate that Level 3 Communications will post $1.66 earnings per share for the current fiscal year.
In other news, VP Sunit S. Patel sold 6,170 shares of the business’s stock in a transaction dated Tuesday, October 4th. The stock was sold at an average price of $45.81, for a total value of $282,647.70. Following the transaction, the vice president now directly owns 462,286 shares in the company, valued at $21,177,321.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew Crouch sold 4,200 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $50.34, for a total value of $211,428.00. Following the completion of the transaction, the insider now owns 130,905 shares in the company, valued at $6,589,757.70. The disclosure for this sale can be found here. Company insiders own 0.49% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Global X Management Co. LLC increased its position in shares of Level 3 Communications by 37.0% in the second quarter. Global X Management Co. LLC now owns 1,961 shares of the company’s stock valued at $101,000 after buying an additional 530 shares during the last quarter. Feltz Wealth PLAN Inc. acquired a new position in shares of Level 3 Communications during the second quarter valued at approximately $103,000. Hall Laurie J Trustee increased its position in shares of Level 3 Communications by 14.6% in the second quarter. Hall Laurie J Trustee now owns 1,963 shares of the company’s stock valued at $104,000 after buying an additional 250 shares during the last quarter. Bellwether Investment Group LLC acquired a new position in shares of Level 3 Communications during the second quarter valued at approximately $105,000. Finally, Jackson Grant Investment Advisers Inc. acquired a new position in shares of Level 3 Communications during the second quarter valued at approximately $110,000.
About Level 3 Communications
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.
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