California State Teachers Retirement System Cuts Stake in Level 3 Communications, Inc. (LVLT)

California State Teachers Retirement System lessened its holdings in Level 3 Communications, Inc. (NYSE:LVLT) by 5.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 566,475 shares of the technology company’s stock after selling 33,555 shares during the period. California State Teachers Retirement System owned about 0.16% of Level 3 Communications worth $33,591,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of LVLT. Russell Investments Group Ltd. raised its stake in shares of Level 3 Communications by 24.1% in the 1st quarter. Russell Investments Group Ltd. now owns 31,535 shares of the technology company’s stock valued at $1,805,000 after acquiring an additional 6,122 shares during the period. Wellington Management Group LLP grew its holdings in Level 3 Communications by 83.6% during the 1st quarter. Wellington Management Group LLP now owns 112,601 shares of the technology company’s stock valued at $6,443,000 after purchasing an additional 51,267 shares in the last quarter. FMR LLC grew its holdings in Level 3 Communications by 6.9% during the 1st quarter. FMR LLC now owns 4,288,078 shares of the technology company’s stock valued at $245,365,000 after purchasing an additional 275,502 shares in the last quarter. Ngam Advisors L.P. grew its holdings in Level 3 Communications by 8.7% during the 1st quarter. Ngam Advisors L.P. now owns 21,204 shares of the technology company’s stock valued at $1,213,000 after purchasing an additional 1,697 shares in the last quarter. Finally, Global X Management Co. LLC grew its holdings in Level 3 Communications by 26.0% during the 1st quarter. Global X Management Co. LLC now owns 4,178 shares of the technology company’s stock valued at $239,000 after purchasing an additional 863 shares in the last quarter. 98.82% of the stock is currently owned by institutional investors and hedge funds.

Level 3 Communications, Inc. (LVLT) traded up 0.11% on Friday, hitting $55.46. 287,997 shares of the stock traded hands. The firm has a market cap of $20.11 billion, a price-to-earnings ratio of 31.55 and a beta of 1.21. Level 3 Communications, Inc. has a 12-month low of $45.88 and a 12-month high of $64.61. The stock has a 50-day moving average of $53.98 and a 200-day moving average of $57.73.

Level 3 Communications (NYSE:LVLT) last announced its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the previous year, the firm posted $0.53 EPS. The business’s revenue for the quarter was up .2% on a year-over-year basis. Analysts forecast that Level 3 Communications, Inc. will post $1.45 earnings per share for the current year.

A number of equities research analysts recently weighed in on the stock. BidaskClub raised shares of Level 3 Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, June 16th. Zacks Investment Research lowered shares of Level 3 Communications from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. UBS AG reaffirmed a “buy” rating and set a $68.00 price target (down from $71.00) on shares of Level 3 Communications in a report on Tuesday, July 18th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $59.00 price target (down from $61.00) on shares of Level 3 Communications in a report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $61.12.

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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.

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

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