Comerica Bank reduced its position in shares of Level 3 Communications, Inc. (NYSE:LVLT) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,601 shares of the technology company’s stock after selling 761 shares during the period. Comerica Bank’s holdings in Level 3 Communications were worth $4,079,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. increased its stake in Level 3 Communications by 3,123.2% in the first quarter. BlackRock Inc. now owns 17,934,620 shares of the technology company’s stock valued at $1,026,218,000 after buying an additional 17,378,193 shares in the last quarter. Fiduciary Management Inc. WI increased its stake in Level 3 Communications by 39.9% in the first quarter. Fiduciary Management Inc. WI now owns 7,787,706 shares of the technology company’s stock valued at $445,613,000 after buying an additional 2,220,086 shares in the last quarter. Glazer Capital LLC bought a new stake in Level 3 Communications during the first quarter valued at $57,795,000. Bank of America Corp DE increased its stake in Level 3 Communications by 78.1% in the first quarter. Bank of America Corp DE now owns 2,223,398 shares of the technology company’s stock valued at $127,224,000 after buying an additional 975,316 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Level 3 Communications by 3.1% in the first quarter. Vanguard Group Inc. now owns 28,430,311 shares of the technology company’s stock valued at $1,626,782,000 after buying an additional 866,828 shares in the last quarter. 98.74% of the stock is owned by hedge funds and other institutional investors.

Level 3 Communications, Inc. (LVLT) opened at 55.02 on Tuesday. The stock has a market capitalization of $19.96 billion, a price-to-earnings ratio of 31.30 and a beta of 1.23. Level 3 Communications, Inc. has a 12-month low of $44.01 and a 12-month high of $64.61. The firm has a 50-day moving average of $56.87 and a 200 day moving average of $58.47.

Level 3 Communications (NYSE:LVLT) last announced its earnings results on Wednesday, August 2nd. The technology company reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.03. The firm had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.06 billion. Level 3 Communications had a net margin of 7.85% and a return on equity of 5.80%. Level 3 Communications’s revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 EPS. On average, analysts predict that Level 3 Communications, Inc. will post $1.42 earnings per share for the current fiscal year.

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Several analysts have recently weighed in on LVLT shares. Zacks Investment Research downgraded shares of Level 3 Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. BidaskClub downgraded shares of Level 3 Communications from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Jefferies Group LLC decreased their price target on shares of Level 3 Communications from $64.00 to $59.00 and set a “hold” rating for the company in a research note on Thursday, May 4th. Raymond James Financial, Inc. reaffirmed an “underperform” rating and set a $62.82 price target on shares of Level 3 Communications in a research note on Monday, May 15th. Finally, 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 note on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company’s stock. Level 3 Communications has a consensus rating of “Hold” and an average target price of $61.67.

In related news, VP Sunit S. Patel sold 16,653 shares of the stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $59.10, for a total value of $984,192.30. Following the completion of the transaction, the vice president now owns 545,330 shares in the company, valued at approximately $32,229,003. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Eric Mortensen sold 1,189 shares of the stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $59.10, for a total transaction of $70,269.90. Following the completion of the transaction, the senior vice president now owns 77,944 shares of the company’s stock, valued at approximately $4,606,490.40. The disclosure for this sale can be found here. Insiders sold a total of 28,224 shares of company stock valued at $1,668,038 in the last quarter. 0.53% of the stock is currently owned by insiders.

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.

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

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