CQS Cayman LP lowered its stake in shares of Level 3 Communications, Inc. (NYSE:LVLT) by 41.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,000 shares of the technology company’s stock after selling 40,500 shares during the quarter. CQS Cayman LP’s holdings in Level 3 Communications were worth $3,439,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Tiverton Asset Management LLC bought a new position in Level 3 Communications in the 2nd quarter valued at $126,000. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Level 3 Communications by 155.3% during 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 buying an additional 1,354 shares during the last quarter. Bronfman E.L. Rothschild L.P. lifted its position in shares of Level 3 Communications by 449.0% during 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 buying an additional 1,886 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Level 3 Communications during the 2nd quarter valued at $211,000. Finally, KCG Holdings Inc. purchased a new position in shares of Level 3 Communications during the 1st quarter valued at $212,000. Institutional investors and hedge funds own 98.83% of the company’s stock.

LVLT has been the topic of a number of recent research reports. BidaskClub cut Level 3 Communications from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. UBS AG reaffirmed a “buy” rating and set a $68.00 price target (down previously from $71.00) on shares of Level 3 Communications in a research report on Tuesday, July 18th. Barclays PLC reaffirmed an “equal weight” rating and set a $59.00 price target (down previously from $61.00) on shares of Level 3 Communications in a research report on Friday, July 14th. Finally, Zacks Investment Research raised Level 3 Communications from a “sell” rating to a “hold” rating in a research report on Monday, August 7th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $61.67.

In related news, EVP John Michael Ryan sold 5,927 shares of the business’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $59.10, for a total value of $350,285.70. Following the sale, the executive vice president now directly owns 144,994 shares in the company, valued at $8,569,145.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Hector Alonso sold 4,455 shares of the business’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $59.10, for a total value of $263,290.50. Following the completion of the sale, the insider now owns 148,228 shares in the company, valued at $8,760,274.80. The disclosure for this sale can be found here. Insiders sold 28,224 shares of company stock worth $1,668,038 over the last 90 days. Company insiders own 0.53% of the company’s stock.

Level 3 Communications (NYSE:LVLT) last announced its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.03. Level 3 Communications had a return on equity of 5.80% and a net margin of 7.85%. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same period in the previous year, the business earned $0.53 earnings per share. The business’s revenue was up .2% on a year-over-year basis.

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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.

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

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