CIBC Asset Management Inc Sells 920 Shares of Level 3 Communications, Inc. (NYSE:LVLT)

CIBC Asset Management Inc decreased its position in shares of Level 3 Communications, Inc. (NYSE:LVLT) by 3.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 30,031 shares of the technology company’s stock after selling 920 shares during the period. CIBC Asset Management Inc’s holdings in Level 3 Communications were worth $1,781,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cleararc Capital Inc. boosted its position in Level 3 Communications by 0.7% in the first quarter. Cleararc Capital Inc. now owns 7,147 shares of the technology company’s stock valued at $409,000 after buying an additional 50 shares in the last quarter. Capstone Asset Management Co. raised its stake in shares of Level 3 Communications by 0.3% in the second quarter. Capstone Asset Management Co. now owns 21,215 shares of the technology company’s stock valued at $1,258,000 after buying an additional 60 shares during the last quarter. Financial Architects Inc raised its stake in shares of Level 3 Communications by 0.8% in the first quarter. Financial Architects Inc now owns 8,354 shares of the technology company’s stock valued at $478,000 after buying an additional 64 shares during the last quarter. Private Advisor Group LLC raised its stake in shares of Level 3 Communications by 1.1% in the first quarter. Private Advisor Group LLC now owns 6,516 shares of the technology company’s stock valued at $377,000 after buying an additional 68 shares during the last quarter. Finally, ING Groep NV raised its stake in shares of Level 3 Communications by 0.4% in the second quarter. ING Groep NV now owns 22,545 shares of the technology company’s stock valued at $1,337,000 after buying an additional 93 shares during the last quarter.

Level 3 Communications, Inc. (LVLT) traded down 0.57% during trading on Friday, hitting $52.69. The stock had a trading volume of 1,781,106 shares. The company has a market cap of $19.11 billion, a price-to-earnings ratio of 29.97 and a beta of 1.23. The firm’s 50-day moving average price is $57.57 and its 200-day moving average price is $58.65. Level 3 Communications, Inc. has a 52-week low of $44.01 and a 52-week high of $64.61.

Level 3 Communications (NYSE:LVLT) last posted 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 return on equity of 5.80% and a net margin of 7.85%. The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same period last year, the firm earned $0.53 EPS. The company’s quarterly revenue was up .2% on a year-over-year basis. Analysts predict that Level 3 Communications, Inc. will post $1.42 EPS for the current fiscal year.

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Several analysts recently commented on LVLT shares. Jefferies Group LLC cut their price objective on Level 3 Communications from $64.00 to $59.00 and set a “hold” rating for the company in a report on Thursday, May 4th. Raymond James Financial, Inc. reissued an “underperform” rating and set a $62.82 price target on shares of Level 3 Communications in a report on Monday, May 15th. BidaskClub raised Level 3 Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, June 16th. Zacks Investment Research lowered Level 3 Communications from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Finally, Barclays PLC reissued an “equal weight” rating and set a $59.00 price target (down previously from $61.00) on shares of Level 3 Communications in a report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $61.36.

In related news, VP Sunit S. Patel sold 16,653 shares of Level 3 Communications stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $59.10, for a total value of $984,192.30. Following the sale, the vice president now directly owns 545,330 shares in the company, valued at approximately $32,229,003. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Michael Ryan sold 5,927 shares of Level 3 Communications stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $59.10, for a total value of $350,285.70. Following the completion of the sale, the executive vice president now owns 144,994 shares in the company, valued at $8,569,145.40. The disclosure for this sale can be found here. Insiders have sold a total of 28,224 shares of company stock worth $1,668,038 over the last 90 days. Insiders own 0.49% of the company’s stock.

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.

Institutional Ownership by Quarter for Level 3 Communications (NYSE:LVLT)

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