Level 3 Communications Inc. (LVLT) Lifted to “Overweight” at JPMorgan Chase & Co.
JPMorgan Chase & Co. upgraded shares of Level 3 Communications Inc. (NYSE:LVLT) from a neutral rating to an overweight rating in a research report report published on Friday. JPMorgan Chase & Co. currently has $55.00 target price on the stock.
Other equities research analysts have also issued research reports about the company. Goldman Sachs Group Inc. restated a conviction-buy rating and issued a $55.00 price objective (down previously from $64.00) on shares of Level 3 Communications in a research report on Thursday, October 13th. Zacks Investment Research upgraded Level 3 Communications from a hold rating to a buy rating and set a $63.00 price objective on the stock in a research report on Tuesday, July 26th. Pacific Crest assumed coverage on Level 3 Communications in a research report on Monday, July 25th. They issued a sector weight rating and a $54.00 price objective on the stock. Jefferies Group lowered their price objective on Level 3 Communications from $67.00 to $63.00 and set a buy rating on the stock in a research report on Thursday, July 28th. Finally, BTIG Research assumed coverage on Level 3 Communications in a research report on Monday, August 8th. They issued a buy rating and a $63.00 price objective on the stock. Four analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $60.12.
Level 3 Communications (NYSE:LVLT) opened at 47.07 on Friday. The company has a 50 day moving average of $47.63 and a 200-day moving average of $50.95. Level 3 Communications has a 12-month low of $41.73 and a 12-month high of $57.59. The stock has a market capitalization of $16.92 billion, a price-to-earnings ratio of 4.73 and a beta of 1.75.
Level 3 Communications (NYSE:LVLT) last issued its earnings results on Wednesday, July 27th. The company reported $0.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.09. The firm 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 for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 earnings per share. On average, equities research analysts forecast that Level 3 Communications will post $1.66 earnings per share for the current year.
In other Level 3 Communications news, VP Sunit S. Patel sold 6,170 shares of the firm’s stock in a transaction on Tuesday, October 4th. The stock was sold at an average price of $45.81, for a total value of $282,647.70. Following the completion of the sale, the vice president now directly owns 462,286 shares of the company’s stock, valued at approximately $21,177,321.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew Crouch sold 4,200 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $50.34, for a total value of $211,428.00. Following the completion of the sale, the insider now directly owns 130,905 shares of the company’s stock, valued at $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 modified their holdings of the company. Cleararc Capital Inc. increased its stake 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 worth $373,000 after buying an additional 23 shares during the period. Citizens Financial Group Inc RI boosted its position in Level 3 Communications by 0.4% in the first quarter. Citizens Financial Group Inc RI now owns 5,959 shares of the company’s stock worth $315,000 after buying an additional 26 shares in the last quarter. Cadence Capital Management LLC boosted its position in Level 3 Communications by 0.8% in the second quarter. Cadence Capital Management LLC now owns 4,643 shares of the company’s stock worth $239,000 after buying an additional 38 shares in the last quarter. Sigma Planning Corp boosted its position in Level 3 Communications by 0.9% in the second quarter. Sigma Planning Corp now owns 9,043 shares of the company’s stock worth $466,000 after buying an additional 78 shares in the last quarter. Finally, Scotia Capital Inc. boosted its position in Level 3 Communications by 0.4% in the second quarter. Scotia Capital Inc. now owns 19,867 shares of the company’s stock worth $1,026,000 after buying an additional 82 shares in the last quarter.
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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