First Allied Advisory Services Inc. lessened its holdings in Level 3 Communications, Inc. (NYSE:LVLT) by 3.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,851 shares of the technology company’s stock after selling 608 shares during the period. First Allied Advisory Services Inc.’s holdings in Level 3 Communications were worth $991,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in LVLT. Vanguard Group Inc. increased its stake in shares of Level 3 Communications by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 29,179,420 shares of the technology company’s stock worth $1,730,339,000 after purchasing an additional 749,109 shares in the last quarter. BlackRock Inc. raised its position in shares of Level 3 Communications by 0.8% during the 2nd quarter. BlackRock Inc. now owns 18,083,573 shares of the technology company’s stock worth $1,072,356,000 after purchasing an additional 148,953 shares during the last quarter. State Street Corp raised its position in shares of Level 3 Communications by 2.2% during the 1st quarter. State Street Corp now owns 11,601,301 shares of the technology company’s stock worth $663,825,000 after purchasing an additional 254,886 shares during the last quarter. Pentwater Capital Management LP raised its position in shares of Level 3 Communications by 1.6% during the 1st quarter. Pentwater Capital Management LP now owns 8,730,000 shares of the technology company’s stock worth $499,531,000 after purchasing an additional 140,000 shares during the last quarter. Finally, Fiduciary Management Inc. WI raised its position in shares of Level 3 Communications by 39.9% during the 1st quarter. Fiduciary Management Inc. WI now owns 7,787,706 shares of the technology company’s stock worth $445,613,000 after purchasing an additional 2,220,086 shares during the last quarter. Institutional investors and hedge funds own 98.83% of the company’s stock.

Level 3 Communications, Inc. (LVLT) opened at 53.94 on Tuesday. The company has a 50-day moving average price of $53.73 and a 200 day moving average price of $57.82. The firm has a market capitalization of $19.56 billion, a price-to-earnings ratio of 30.68 and a beta of 1.21. Level 3 Communications, Inc. has a 1-year low of $44.01 and a 1-year high of $64.61.

Level 3 Communications (NYSE:LVLT) last posted its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.06 billion. During the same quarter last year, the business posted $0.53 EPS. The company’s revenue was up .2% on a year-over-year basis. Equities analysts anticipate that Level 3 Communications, Inc. will post $1.43 earnings per share for the current year.

A number of equities research analysts recently issued reports on the company. BidaskClub raised Level 3 Communications from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 27th. UBS AG reissued 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 reissued 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 report on Monday, August 7th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the stock. Level 3 Communications currently has an average rating of “Hold” and an average target price of $61.67.

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In other news, VP Sunit S. Patel sold 16,653 shares of the company’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 $984,192.30. Following 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hector Alonso sold 4,455 shares of the company’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $59.10, for a total value of $263,290.50. Following the completion of the transaction, the insider now owns 148,228 shares in the company, valued at approximately $8,760,274.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,224 shares of company stock worth $1,668,038. Company insiders own 0.53% of the company’s stock.

About Level 3 Communications

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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