Level 3 Communications Inc. (NYSE:LVLT) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Friday. The brokerage currently has a $55.00 price target on the stock. JPMorgan Chase & Co.’s target price would suggest a potential upside of 19.33% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the company. Jefferies Group restated a “buy” rating on shares of Level 3 Communications in a research note on Saturday, August 6th. BTIG Research assumed coverage on Level 3 Communications in a research report on Monday, August 8th. They set a “buy” rating and a $63.00 price target on the stock. Pacific Crest assumed coverage on Level 3 Communications in a research report on Monday, July 25th. They set a “sector weight” rating and a $54.00 price target on the stock. Zacks Investment Research upgraded Level 3 Communications from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research report on Tuesday, July 26th. Finally, DA Davidson reiterated a “buy” rating and set a $68.00 price target on shares of Level 3 Communications in a research report on Wednesday, July 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Level 3 Communications presently has a consensus rating of “Buy” and an average target price of $60.50.
Level 3 Communications (NYSE:LVLT) opened at 46.09 on Friday. Level 3 Communications has a one year low of $41.73 and a one year high of $57.59. The company has a market cap of $16.57 billion, a price-to-earnings ratio of 4.63 and a beta of 1.75. The company has a 50-day moving average of $47.70 and a 200-day moving average of $50.99.
Level 3 Communications (NYSE:LVLT) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.09. Level 3 Communications had a return on equity of 7.14% and a net margin of 43.75%. The business had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.08 billion. During the same period in the previous year, the business posted $0.42 EPS. The firm’s quarterly revenue was up .9% compared to the same quarter last year. Equities research analysts expect that Level 3 Communications will post $1.66 EPS for the current fiscal year.
In other news, EVP John Michael Ryan sold 6,000 shares of the 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 completion of the sale, the executive vice president now 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 SEC, which is accessible through the SEC website. Also, insider Andrew Crouch sold 4,200 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $50.34, for a total value of $211,428.00. Following the sale, the insider now directly owns 130,905 shares of the company’s stock, valued at approximately $6,589,757.70. The disclosure for this sale can be found here. 0.49% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Global X Management Co. LLC raised its stake in 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 worth $101,000 after buying an additional 530 shares during the period. Hall Laurie J Trustee raised its stake in Level 3 Communications by 14.6% in the second quarter. Hall Laurie J Trustee now owns 1,963 shares of the company’s stock worth $104,000 after buying an additional 250 shares during the period. Bellwether Investment Group LLC bought a new stake in Level 3 Communications during the second quarter worth $105,000. Capital Guardian Trust Co. raised its stake in Level 3 Communications by 105.0% in the second quarter. Capital Guardian Trust Co. now owns 2,550 shares of the company’s stock worth $131,000 after buying an additional 1,306 shares during the period. Finally, Feltz Wealth PLAN Inc. bought a new stake in Level 3 Communications during the second quarter worth $103,000.
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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