City Financial Investment Co Ltd boosted its holdings in shares of Level 3 Communications, Inc. (NYSE:LVLT) by 146.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 563,000 shares of the technology company’s stock after buying an additional 335,000 shares during the quarter. Level 3 Communications makes up approximately 3.8% of City Financial Investment Co Ltd’s investment portfolio, making the stock its 3rd biggest holding. City Financial Investment Co Ltd owned about 0.16% of Level 3 Communications worth $33,386,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of LVLT. Russell Investments Group Ltd. increased its holdings in Level 3 Communications by 24.1% during the first quarter. Russell Investments Group Ltd. now owns 31,535 shares of the technology company’s stock valued at $1,805,000 after buying an additional 6,122 shares during the period. UBS Asset Management Americas Inc. increased its holdings in Level 3 Communications by 13.0% during the first quarter. UBS Asset Management Americas Inc. now owns 757,440 shares of the technology company’s stock valued at $43,341,000 after buying an additional 87,123 shares during the period. Ameriprise Financial Inc. increased its holdings in Level 3 Communications by 41.0% during the first quarter. Ameriprise Financial Inc. now owns 248,233 shares of the technology company’s stock valued at $13,987,000 after buying an additional 72,161 shares during the period. Mutual of America Capital Management LLC increased its holdings in Level 3 Communications by 4.7% during the first quarter. Mutual of America Capital Management LLC now owns 34,415 shares of the technology company’s stock valued at $1,969,000 after buying an additional 1,550 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Level 3 Communications by 11.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 8,743 shares of the technology company’s stock valued at $500,000 after buying an additional 907 shares during the period. 98.83% of the stock is currently owned by institutional investors.

Several brokerages recently issued reports on LVLT. BidaskClub raised shares of Level 3 Communications from a “strong sell” rating to a “sell” rating in a report on Wednesday. UBS AG reissued a “buy” rating and set a $68.00 price objective (down from $71.00) on shares of Level 3 Communications in a report on Tuesday, July 18th. Barclays PLC reissued an “equal weight” rating and set a $59.00 price objective (down from $61.00) on shares of Level 3 Communications in a report on Friday, July 14th. Finally, Zacks Investment Research raised shares of Level 3 Communications from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $61.67.

Level 3 Communications, Inc. (NYSE LVLT) traded down 0.76% during trading on Friday, reaching $53.29. 1,624,512 shares of the company’s stock traded hands. Level 3 Communications, Inc. has a 12-month low of $44.01 and a 12-month high of $64.61. The company has a 50 day moving average price of $54.72 and a 200-day moving average price of $58.02. The company has a market cap of $19.33 billion, a PE ratio of 30.31 and a beta of 1.23.

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 Zacks’ consensus estimate of $0.39 by $0.03. Level 3 Communications had a net margin of 7.85% and a return on equity of 5.80%. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same period in the prior year, the firm posted $0.53 EPS. The company’s quarterly revenue was up .2% compared to the same quarter last year. On average, equities research analysts forecast that Level 3 Communications, Inc. will post $1.43 EPS for the current fiscal year.

In other Level 3 Communications news, SVP Eric Mortensen sold 1,189 shares of the stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $59.10, for a total value of $70,269.90. Following the sale, the senior vice president now directly owns 77,944 shares of the company’s stock, valued at approximately $4,606,490.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP John Michael Ryan sold 5,927 shares of the stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $59.10, for a total transaction of $350,285.70. Following the completion of the sale, the executive vice president now directly owns 144,994 shares in the company, valued at $8,569,145.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,224 shares of company stock worth $1,668,038. Insiders own 0.49% of the company’s stock.

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Level 3 Communications 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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