Texas Permanent School Fund lowered its position in shares of Level 3 Communications, Inc. (NYSE:LVLT) by 4.7% during the third quarter, Holdings Channel reports. The firm owned 89,685 shares of the company’s stock after selling 4,379 shares during the period. Texas Permanent School Fund’s holdings in Level 3 Communications were worth $4,160,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of LVLT. Beck Mack & Oliver LLC boosted its position in shares of Level 3 Communications by 22.2% in the second quarter. Beck Mack & Oliver LLC now owns 1,259,120 shares of the company’s stock valued at $64,833,000 after buying an additional 229,138 shares in the last quarter. Carmignac Gestion boosted its position in shares of Level 3 Communications by 15.0% in the second quarter. Carmignac Gestion now owns 7,422,726 shares of the company’s stock valued at $382,196,000 after buying an additional 969,789 shares in the last quarter. Nationwide Fund Advisors boosted its position in shares of Level 3 Communications by 21.1% in the third quarter. Nationwide Fund Advisors now owns 194,436 shares of the company’s stock valued at $9,018,000 after buying an additional 33,907 shares in the last quarter. Alpine Investment Management LLC boosted its position in shares of Level 3 Communications by 18.5% in the second quarter. Alpine Investment Management LLC now owns 1,358,683 shares of the company’s stock valued at $69,959,000 after buying an additional 211,756 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its position in shares of Level 3 Communications by 2.9% in the second quarter. New York State Teachers Retirement System now owns 480,021 shares of the company’s stock valued at $24,716,000 after buying an additional 13,583 shares in the last quarter.

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

Shares of Level 3 Communications, Inc. (NYSE:LVLT) traded up 0.34% on Friday, hitting $58.42. The company had a trading volume of 967,822 shares. The firm has a 50 day moving average of $56.95 and a 200-day moving average of $52.04. The firm has a market capitalization of $21.03 billion, a P/E ratio of 5.65 and a beta of 1.49. Level 3 Communications, Inc. has a 12-month low of $41.73 and a 12-month high of $59.24.

Level 3 Communications (NYSE:LVLT) last released its quarterly earnings data on Thursday, November 3rd. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by $0.04. The company earned $2.03 billion during the quarter, compared to the consensus estimate of $2.07 billion. Level 3 Communications had a net margin of 45.64% and a return on equity of 6.18%. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.48 EPS. On average, equities analysts predict that Level 3 Communications, Inc. will post $1.59 EPS for the current year.

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Several research analysts recently weighed in on LVLT shares. Zacks Investment Research cut Level 3 Communications from a “hold” rating to a “strong sell” rating in a research note on Monday, September 26th. Wells Fargo & Company cut Level 3 Communications from an “outperform” rating to a “market perform” rating in a research note on Tuesday, November 1st. FBR & Co raised their target price on Level 3 Communications from $55.00 to $66.50 and gave the company a “market perform” rating in a research note on Tuesday, November 1st. Barclays PLC cut Level 3 Communications from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $54.00 to $57.00 in a research note on Wednesday, November 16th. Finally, BTIG Research cut Level 3 Communications from a “buy” rating to a “neutral” rating in a research note on Monday, October 31st. Fourteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $61.34.

In other news, insider Jeffrey K. Storey sold 20,000 shares of the company’s stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the completion of the transaction, the insider now directly owns 633,739 shares of the company’s stock, valued at $32,320,689. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James O. Ellis, Jr. sold 2,440 shares of the company’s stock in a transaction dated Tuesday, December 20th. The stock was sold at an average price of $56.82, for a total value of $138,640.80. Following the transaction, the director now directly owns 65,014 shares of the company’s stock, valued at $3,694,095.48. The disclosure for this sale can be found here. 0.49% of the stock is owned by corporate insiders.

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.

5 Day Chart for NYSE:LVLT

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