Investors Buy CenturyLink Inc. (CTL) on Weakness
Investors bought shares of CenturyLink Inc. (NYSE:CTL) on weakness during trading on Wednesday. $61.11 million flowed into the stock on the tick-up and $32.50 million flowed out of the stock on the tick-down, for a money net flow of $28.61 million into the stock. Of all equities tracked, CenturyLink had the 28th highest net in-flow for the day. CenturyLink traded down ($0.08) for the day and closed at $30.51
A number of brokerages have recently issued reports on CTL. Morgan Stanley reissued a “hold” rating on shares of CenturyLink in a research report on Tuesday, May 3rd. Wells Fargo & Co. cut shares of CenturyLink from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $33.00 to $30.00 in a research report on Tuesday, May 3rd. They noted that the move was a valuation call. Bank of America Corp. reaffirmed a “buy” rating on shares of CenturyLink in a research report on Wednesday, May 4th. Deutsche Bank AG upped their price objective on shares of CenturyLink from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Tuesday, April 12th. Finally, Vetr raised shares of CenturyLink from a “sell” rating to a “hold” rating and set a $29.67 price objective for the company in a research report on Tuesday, July 12th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $28.04.
The stock has a market capitalization of $16.66 billion and a P/E ratio of 18.15. The stock’s 50-day moving average is $29.60 and its 200-day moving average is $29.24.
CenturyLink (NYSE:CTL) last posted its earnings results on Wednesday, August 3rd. The company reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. The company had revenue of $440 billion for the quarter, compared to analysts’ expectations of $4.39 billion. The firm’s quarterly revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.55 EPS. On average, analysts expect that CenturyLink Inc. will post $2.59 EPS for the current fiscal year.
In other news, Director Harvey P. Perry sold 20,000 shares of CenturyLink stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $31.00, for a total transaction of $620,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Several hedge funds have modified their holdings of CTL. Dimensional Fund Advisors LP increased its stake in shares of CenturyLink by 23.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,818,705 shares of the company’s stock worth $171,569,000 after buying an additional 1,287,296 shares during the period. Eaton Vance Management increased its stake in shares of CenturyLink by 2,917.4% in the fourth quarter. Eaton Vance Management now owns 1,239,926 shares of the company’s stock worth $31,197,000 after buying an additional 1,198,833 shares during the period. BlackRock Advisors LLC increased its stake in shares of CenturyLink by 61.5% in the fourth quarter. BlackRock Advisors LLC now owns 484,759 shares of the company’s stock worth $12,197,000 after buying an additional 184,655 shares during the period. State of Tennessee Treasury Department increased its stake in shares of CenturyLink by 48.8% in the fourth quarter. State of Tennessee Treasury Department now owns 342,514 shares of the company’s stock worth $8,617,000 after buying an additional 112,349 shares during the period. Finally, Schroder Investment Management Group increased its stake in shares of CenturyLink by 40.3% in the fourth quarter. Schroder Investment Management Group now owns 377,902 shares of the company’s stock worth $9,508,000 after buying an additional 108,557 shares during the period.
CenturyLink, Inc is an integrated communications company. The Company is engaged in providing an array of communications services to residential and business customers. The Company’s segments include Business and Consumer. Its communications services include local and long-distance voice, high-speed Internet, Multi-Protocol Label Switching (MPLS), private line (including special access), data integration, Ethernet, colocation, managed hosting (including cloud hosting), network, public access, video, wireless and other ancillary services.
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