Wall Street brokerages forecast that Level 3 Communications, Inc. (NYSE:LVLT) will post sales of $2.06 billion for the current fiscal quarter, Zacks reports. Seven analysts have made estimates for Level 3 Communications’ earnings. The lowest sales estimate is $2.05 billion and the highest is $2.08 billion. Level 3 Communications reported sales of $2.03 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 1.5%. The firm is scheduled to announce its next quarterly earnings results on Monday, October 30th.

On average, analysts expect that Level 3 Communications will report full year sales of $2.06 billion for the current financial year, with estimates ranging from $8.22 billion to $8.28 billion. For the next financial year, analysts expect that the company will post sales of $8.46 billion per share, with estimates ranging from $8.36 billion to $8.50 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Level 3 Communications.

Level 3 Communications (NYSE:LVLT) last issued its earnings results on Wednesday, August 2nd. The technology company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.03. Level 3 Communications had a net margin of 7.85% and a return on equity of 5.80%. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter last year, the firm posted $0.53 EPS. The business’s revenue for the quarter was up .2% compared to the same quarter last year.

LVLT has been the subject of a number of analyst reports. BidaskClub cut shares of Level 3 Communications from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Barclays PLC reiterated an “equal weight” rating and issued a $59.00 target price (down from $61.00) on shares of Level 3 Communications in a research note on Friday, July 14th. UBS AG reiterated a “buy” rating and issued a $68.00 target price (down from $71.00) on shares of Level 3 Communications in a research note on Tuesday, July 18th. Finally, Zacks Investment Research cut shares of Level 3 Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company’s stock. Level 3 Communications has a consensus rating of “Hold” and an average target price of $61.67.

In other news, SVP Eric Mortensen sold 1,189 shares of the business’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $59.10, for a total value of $70,269.90. Following the completion of the sale, the senior vice president now directly owns 77,944 shares in the company, valued at $4,606,490.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Sunit S. Patel sold 16,653 shares of the business’s stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $59.10, for a total transaction of $984,192.30. Following the completion of the sale, the vice president now owns 545,330 shares of the company’s stock, valued at $32,229,003. The disclosure for this sale can be found here. Insiders sold 28,224 shares of company stock valued at $1,668,038 over the last 90 days. 0.49% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of LVLT. BlackRock Inc. lifted its stake in shares of Level 3 Communications by 3,123.2% in the first quarter. BlackRock Inc. now owns 17,934,620 shares of the technology company’s stock worth $1,026,218,000 after buying an additional 17,378,193 shares during the last quarter. Fiduciary Management Inc. WI lifted its stake in shares of Level 3 Communications by 39.9% in the first quarter. Fiduciary Management Inc. WI now owns 7,787,706 shares of the technology company’s stock worth $445,613,000 after buying an additional 2,220,086 shares during the last quarter. Glazer Capital LLC acquired a new stake in shares of Level 3 Communications in the first quarter worth $57,795,000. Bank of America Corp DE lifted its stake in shares of Level 3 Communications by 78.1% in the first quarter. Bank of America Corp DE now owns 2,223,398 shares of the technology company’s stock worth $127,224,000 after buying an additional 975,316 shares during the last quarter. Finally, York Capital Management Global Advisors LLC lifted its stake in shares of Level 3 Communications by 28.9% in the second quarter. York Capital Management Global Advisors LLC now owns 4,350,004 shares of the technology company’s stock worth $257,955,000 after buying an additional 974,832 shares during the last quarter. Institutional investors and hedge funds own 98.74% of the company’s stock.

Shares of Level 3 Communications (LVLT) traded up 0.83% during trading on Friday, hitting $53.37. 2,197,770 shares of the stock were exchanged. The stock has a market cap of $19.36 billion, a price-to-earnings ratio of 30.36 and a beta of 1.23. Level 3 Communications has a 12-month low of $44.01 and a 12-month high of $64.61. The stock’s 50 day moving average is $55.06 and its 200-day moving average is $58.07.

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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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