The Manufacturers Life Insurance Company Buys 464,443 Shares of Centurylink Inc (CTL)
The Manufacturers Life Insurance Company lifted its stake in Centurylink Inc (NYSE:CTL) by 17.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,094,183 shares of the technology company’s stock after buying an additional 464,443 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Centurylink were worth $51,610,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Bessemer Group Inc. boosted its holdings in shares of Centurylink by 132.3% in the 4th quarter. Bessemer Group Inc. now owns 6,264 shares of the technology company’s stock worth $104,000 after purchasing an additional 3,568 shares during the period. Bronfman E.L. Rothschild L.P. boosted its holdings in shares of Centurylink by 250.8% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 6,753 shares of the technology company’s stock worth $113,000 after purchasing an additional 4,828 shares during the period. Fieldpoint Private Securities LLC purchased a new position in shares of Centurylink in the 3rd quarter worth approximately $115,000. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of Centurylink by 178.6% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,684 shares of the technology company’s stock worth $134,000 after purchasing an additional 4,285 shares during the period. Finally, Blue Granite Capital LLC purchased a new position in shares of Centurylink in the 3rd quarter worth approximately $136,000. Hedge funds and other institutional investors own 59.37% of the company’s stock.
Shares of Centurylink Inc (NYSE:CTL) opened at $18.93 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $20,236.23, a price-to-earnings ratio of 11.98, a price-to-earnings-growth ratio of -9.18 and a beta of 0.82. Centurylink Inc has a 1 year low of $13.16 and a 1 year high of $27.61.
A number of equities analysts have recently commented on the company. Cowen set a $19.00 target price on Centurylink and gave the stock a “hold” rating in a report on Thursday. ValuEngine cut Centurylink from a “strong-buy” rating to a “buy” rating in a report on Friday, February 2nd. Barclays restated a “hold” rating and set a $17.00 price objective on shares of Centurylink in a report on Friday. Oppenheimer dropped their price objective on Centurylink from $28.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, November 10th. Finally, JPMorgan Chase & Co. restated a “buy” rating and set a $26.00 price objective on shares of Centurylink in a report on Thursday, November 9th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $22.08.
In other news, Vice Chairman William Bruce Hanks bought 10,000 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was acquired at an average cost of $14.41 per share, with a total value of $144,100.00. Following the transaction, the insider now directly owns 58,722 shares in the company, valued at approximately $846,184.02. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Glen F. Post III bought 50,000 shares of the firm’s stock in a transaction on Friday, December 8th. The shares were purchased at an average cost of $14.17 per share, with a total value of $708,500.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 150,595 shares of company stock valued at $2,154,131. 0.61% of the stock is currently owned by corporate insiders.
CenturyLink, Inc is an integrated communications company. The Company is engaged in providing an array of communications services to its residential and business customers. Its segments include Enterprise, which provides strategic, legacy and data integration products and services to small, medium and enterprise business, wholesale and governmental customers, including other communication providers, and Consumer, which provides strategic and legacy products and services to residential customers.
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