Sumitomo Mitsui Asset Management Company LTD Sells 1,184 Shares of Level 3 Communications, Inc. (LVLT)

Sumitomo Mitsui Asset Management Company LTD lowered its stake in Level 3 Communications, Inc. (NYSE:LVLT) by 4.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 23,436 shares of the technology company’s stock after selling 1,184 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Level 3 Communications were worth $1,248,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Tiverton Asset Management LLC acquired a new position in shares of Level 3 Communications in the 2nd quarter valued at $126,000. Sun Life Financial INC lifted its stake in shares of Level 3 Communications by 23,733.3% in the 2nd quarter. Sun Life Financial INC now owns 2,145 shares of the technology company’s stock valued at $127,000 after purchasing an additional 2,136 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Level 3 Communications by 155.3% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,226 shares of the technology company’s stock valued at $132,000 after purchasing an additional 1,354 shares during the period. Bronfman E.L. Rothschild L.P. lifted its stake in shares of Level 3 Communications by 449.0% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 2,306 shares of the technology company’s stock valued at $137,000 after purchasing an additional 1,886 shares during the period. Finally, Oppenheimer & Co. Inc. acquired a new position in shares of Level 3 Communications in the 2nd quarter valued at $211,000. 98.84% of the stock is currently owned by institutional investors.

Shares of Level 3 Communications, Inc. (NYSE:LVLT) opened at $53.63 on Monday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.79 and a current ratio of 1.79.

LVLT has been the topic of a number of analyst reports. BidaskClub downgraded Level 3 Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 9th. Barclays PLC dropped their price objective on Level 3 Communications from $59.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 4th. UBS AG reaffirmed a “buy” rating and set a $68.00 price objective (down previously from $71.00) on shares of Level 3 Communications in a research note on Tuesday, July 18th. Finally, Zacks Investment Research raised Level 3 Communications from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $61.55.

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

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