Mitsubishi UFJ Kokusai Asset Management Co. Ltd. decreased its position in shares of Level 3 Communications, Inc. (NYSE:LVLT) by 10.4% during the second quarter, Holdings Channel reports. The institutional investor owned 43,918 shares of the technology company’s stock after selling 5,121 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Level 3 Communications were worth $2,604,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. Whittier Trust Co. of Nevada Inc. increased its position in shares of Level 3 Communications by 155.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 2,226 shares of the technology company’s stock worth $132,000 after buying an additional 1,354 shares in the last quarter. CWM LLC increased its position in shares of Level 3 Communications by 5.5% in the first quarter. CWM LLC now owns 3,183 shares of the technology company’s stock worth $182,000 after buying an additional 166 shares in the last quarter. KCG Holdings Inc. acquired a new position in shares of Level 3 Communications during the first quarter worth approximately $212,000. Warren Averett Asset Management LLC acquired a new position in shares of Level 3 Communications during the first quarter worth approximately $222,000. Finally, Global X Management Co. LLC increased its position in shares of Level 3 Communications by 26.0% in the first quarter. Global X Management Co. LLC now owns 4,178 shares of the technology company’s stock worth $239,000 after buying an additional 863 shares in the last quarter.

Shares of Level 3 Communications, Inc. (NYSE:LVLT) opened at 56.63 on Tuesday. Level 3 Communications, Inc. has a 1-year low of $44.01 and a 1-year high of $64.61. The stock has a market capitalization of $20.54 billion, a PE ratio of 32.21 and a beta of 1.23. The stock has a 50 day moving average price of $58.30 and a 200-day moving average price of $58.80.

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

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A number of brokerages recently commented on LVLT. BidaskClub downgraded Level 3 Communications from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Zacks Investment Research upgraded Level 3 Communications from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Raymond James Financial, Inc. reiterated an “underperform” rating and issued a $62.82 price objective on shares of Level 3 Communications in a report on Monday, May 15th. Barclays PLC reiterated an “equal weight” rating and issued a $59.00 price objective (down previously from $61.00) on shares of Level 3 Communications in a report on Friday, July 14th. Finally, UBS AG reiterated a “buy” rating and issued a $68.00 price objective (down previously from $71.00) on shares of Level 3 Communications in a report on Tuesday, July 18th. 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 stock. Level 3 Communications currently has an average rating of “Hold” and a consensus price target of $61.36.

In other news, SVP Eric Mortensen sold 1,189 shares of the business’s stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $59.10, for a total value of $70,269.90. Following the completion of the transaction, the senior vice president now directly owns 77,944 shares of the company’s stock, valued at approximately $4,606,490.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Hector Alonso sold 4,455 shares of the business’s stock in a transaction on Wednesday, July 5th. The stock was 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 directly owns 148,228 shares of the company’s stock, valued at $8,760,274.80. 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 over the last quarter. Company insiders own 0.53% of the company’s stock.

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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