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 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.”
A number of other brokerages have also commented on LVLT. Pacific Crest assumed coverage on Level 3 Communications in a research note on Monday, July 25th. They set a “sector weight” rating and a $54.00 price target on the stock. Morgan Stanley reissued an “overweight” rating on shares of Level 3 Communications in a research note on Sunday, July 24th. Wells Fargo & Co. reissued an “overweight” rating and set a $69.00 price target (up from $61.00) on shares of Level 3 Communications in a research note on Monday, July 18th. Stephens reissued an “overweight” rating and set a $63.00 price target on shares of Level 3 Communications in a research note on Friday, July 15th. Finally, Citigroup Inc. reissued a “buy” rating and set a $66.00 price target on shares of Level 3 Communications in a research note on Friday, July 15th. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $60.12.
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Level 3 Communications (NYSE:LVLT) traded up 2.06% during mid-day trading on Tuesday, reaching $47.04. The company had a trading volume of 820,266 shares. Level 3 Communications has a one year low of $41.73 and a one year high of $57.59. The firm has a market capitalization of $16.91 billion, a P/E ratio of 4.73 and a beta of 1.75. The firm’s 50-day moving average is $47.70 and its 200-day moving average is $50.99.
Level 3 Communications (NYSE:LVLT) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.09. The business had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.08 billion. Level 3 Communications had a return on equity of 7.14% and a net margin of 43.75%. Level 3 Communications’s revenue was up .9% compared to the same quarter last year. During the same period last year, the firm posted $0.42 earnings per share. On average, equities research analysts anticipate that Level 3 Communications will post $1.66 earnings per share for the current fiscal year.
In related news, EVP John Michael Ryan sold 6,000 shares of Level 3 Communications stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $49.61, for a total transaction of $297,660.00. Following the transaction, the executive vice president now owns 109,956 shares of the company’s stock, valued at $5,454,917.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Andrew Crouch sold 8,500 shares of Level 3 Communications stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $50.00, for a total value of $425,000.00. Following the transaction, the insider now directly owns 118,105 shares in the company, valued at approximately $5,905,250. The disclosure for this sale can be found here. Insiders own 0.49% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Baker Avenue Asset Management LP bought a new position in shares of Level 3 Communications during the first quarter valued at about $356,000. Cleararc Capital Inc. boosted its position in shares of Level 3 Communications by 0.3% in the first quarter. Cleararc Capital Inc. now owns 7,067 shares of the company’s stock valued at $373,000 after buying an additional 23 shares during the last quarter. AXA bought a new position in shares of Level 3 Communications during the first quarter valued at about $16,241,000. UBS Asset Management Americas Inc. boosted its position in shares of Level 3 Communications by 3.1% in the first quarter. UBS Asset Management Americas Inc. now owns 682,964 shares of the company’s stock valued at $36,094,000 after buying an additional 20,374 shares during the last quarter. Finally, UBS Group AG boosted its position in shares of Level 3 Communications by 26.5% in the first quarter. UBS Group AG now owns 303,981 shares of the company’s stock valued at $16,065,000 after buying an additional 63,597 shares during the last quarter.
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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