Level 3 Communications Inc. (LVLT) Upgraded by Zacks Investment Research to “Hold”
Level 3 Communications Inc. (NYSE:LVLT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Level 3 Communications has a strong presence in several fields of enterprise networking including data networks, content distribution, managed services, securities, voice cloud and cloud connection. The company has been rapidly increasing its fiber presence in Latin American and European, Middle East and Asian (EMEA) countries. Level 3 Communications is also enhancing its bandwidth capability and flexibility to enable customer MNCs to adjust bandwidth according to their requirements. The launch of automated on-demand Network-as-a-Service (NaaS) with Adaptive Network Control Solutions, powered by Cisco boosts cloud suite. However, intense competiton in the enterprise communications market, customer concentration, foreign currency exchange rate risks and global macro economic fluctuations remain potent headwinds.”
Several other equities research analysts have also issued reports on LVLT. Morgan Stanley restated an “overweight” rating on shares of Level 3 Communications in a research note on Wednesday, June 29th. DA Davidson reiterated a “buy” rating and issued a $68.00 price objective on shares of Level 3 Communications in a research note on Wednesday, July 6th. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Level 3 Communications in a research note on Wednesday, July 6th. Stephens reiterated an “overweight” rating and issued a $63.00 price objective on shares of Level 3 Communications in a research note on Friday, July 15th. Finally, Citigroup Inc. reiterated a “buy” rating and issued a $66.00 price objective on shares of Level 3 Communications in a research note on Friday, July 15th. Four research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $60.12.
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Shares of Level 3 Communications (NYSE:LVLT) traded up 2.13% on Tuesday, hitting $47.07. The stock had a trading volume of 2,286,582 shares. Level 3 Communications has a 1-year low of $41.73 and a 1-year high of $57.59. The firm has a 50-day moving average of $47.63 and a 200 day moving average of $50.95. The company has a market capitalization of $16.92 billion, a PE ratio of 4.73 and a beta of 1.75.
Level 3 Communications (NYSE:LVLT) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.09. Level 3 Communications had a net margin of 43.75% and a return on equity of 7.14%. The company earned $2.06 billion during the quarter, compared to analyst estimates of $2.08 billion. During the same quarter last year, the business posted $0.42 EPS. Level 3 Communications’s quarterly revenue was up .9% compared to the same quarter last year. On average, equities analysts anticipate that Level 3 Communications will post $1.66 earnings per share for the current fiscal year.
In other Level 3 Communications news, EVP John Michael Ryan sold 6,000 shares of the business’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $49.61, for a total value of $297,660.00. Following the completion of the sale, the executive vice president now directly owns 109,956 shares of the company’s stock, valued at $5,454,917.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sunit S. Patel sold 6,170 shares of the company’s stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $45.81, for a total transaction of $282,647.70. Following the transaction, the vice president now directly owns 462,286 shares of the company’s stock, valued at $21,177,321.66. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of LVLT. 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 period. Feltz Wealth PLAN Inc. purchased 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 period. Bellwether Investment Group LLC purchased a new position in shares of Level 3 Communications during the second quarter valued at approximately $105,000. Finally, Jackson Grant Investment Advisers Inc. purchased a new position in shares of Level 3 Communications during the second quarter valued at approximately $110,000.
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.
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