CenturyLink (CTL) Trading Up 8.2% on Insider Buying Activity
CenturyLink, Inc. (NYSE:CTL)’s share price was up 8.2% on Monday following insider buying activity. The stock traded as high as $16.09 and last traded at $15.87. Approximately 37,200,609 shares traded hands during trading, an increase of 239% from the average daily volume of 10,963,639 shares. The stock had previously closed at $14.67.
Specifically, CEO Glen F. Post III acquired 50,000 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The shares were acquired at an average price of $14.17 per share, with a total value of $708,500.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Jeffrey K. Storey acquired 71,000 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The shares were acquired at an average cost of $14.30 per share, for a total transaction of $1,015,300.00. Following the purchase, the chief operating officer now directly owns 2,498,668 shares in the company, valued at approximately $35,730,952.40. The disclosure for this purchase can be found here. In the last three months, insiders bought 145,500 shares of company stock worth $2,075,260. 0.61% of the stock is currently owned by company insiders.
Several analysts recently commented on the company. UBS dropped their price objective on CenturyLink from $29.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, November 9th. Cowen reaffirmed a “hold” rating and set a $24.00 price objective on shares of CenturyLink in a research note on Thursday, October 19th. Bank of America dropped their price objective on CenturyLink from $42.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday, November 10th. Zacks Investment Research downgraded CenturyLink from a “hold” rating to a “strong sell” rating in a research note on Friday, August 25th. Finally, Deutsche Bank reaffirmed a “hold” rating and set a $16.00 price objective on shares of CenturyLink in a research note on Thursday, November 9th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. CenturyLink presently has an average rating of “Hold” and a consensus price target of $23.07.
CenturyLink (NYSE:CTL) last released its earnings results on Wednesday, November 8th. The technology company reported $0.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.03). The firm had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.06 billion. CenturyLink had a return on equity of 7.99% and a net margin of 1.89%. CenturyLink’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same quarter last year, the company posted $0.56 EPS. analysts anticipate that CenturyLink, Inc. will post 1.6 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Monday, November 27th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 13.61%. The ex-dividend date of this dividend was Friday, November 24th. CenturyLink’s dividend payout ratio (DPR) is presently 372.42%.
A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in CenturyLink by 22.6% during the 2nd quarter. Vanguard Group Inc. now owns 57,351,163 shares of the technology company’s stock worth $1,369,547,000 after purchasing an additional 10,583,246 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of CenturyLink by 6.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 10,289,893 shares of the technology company’s stock valued at $194,498,000 after acquiring an additional 600,462 shares in the last quarter. Northern Trust Corp grew its holdings in shares of CenturyLink by 1.4% in the 2nd quarter. Northern Trust Corp now owns 6,978,167 shares of the technology company’s stock valued at $166,639,000 after acquiring an additional 95,821 shares in the last quarter. Capital World Investors bought a new position in shares of CenturyLink in the 2nd quarter valued at about $142,086,000. Finally, Epoch Investment Partners Inc. grew its holdings in shares of CenturyLink by 11.0% in the 3rd quarter. Epoch Investment Partners Inc. now owns 5,521,373 shares of the technology company’s stock valued at $104,354,000 after acquiring an additional 546,435 shares in the last quarter. Hedge funds and other institutional investors own 82.32% of the company’s stock.
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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 business, 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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