Shares of Level 3 Communications, Inc. (NYSE:LVLT) have received an average recommendation of “Hold” from the eight research firms that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $61.47.
LVLT has been the subject of several recent analyst reports. BidaskClub cut Level 3 Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 9th. Barclays decreased their target price on Level 3 Communications from $59.00 to $53.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 4th.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. IFM Investors Pty Ltd purchased a new stake in Level 3 Communications in the third quarter valued at approximately $452,000. California Public Employees Retirement System lifted its stake in Level 3 Communications by 4.3% in the third quarter. California Public Employees Retirement System now owns 607,225 shares of the technology company’s stock valued at $32,359,000 after buying an additional 24,925 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Level 3 Communications by 39.9% in the third quarter. Janney Montgomery Scott LLC now owns 30,267 shares of the technology company’s stock valued at $1,613,000 after buying an additional 8,638 shares during the last quarter. Davidson Kempner Capital Management LP lifted its stake in Level 3 Communications by 20.2% in the third quarter. Davidson Kempner Capital Management LP now owns 1,973,719 shares of the technology company’s stock valued at $105,179,000 after buying an additional 331,859 shares during the last quarter. Finally, Berkley W R Corp lifted its stake in Level 3 Communications by 158.0% in the third quarter. Berkley W R Corp now owns 255,666 shares of the technology company’s stock valued at $13,624,000 after buying an additional 156,563 shares during the last quarter. Institutional investors own 98.84% of the company’s stock.
Level 3 Communications (NYSE LVLT) traded up $0.93 during mid-day trading on Friday, reaching $53.63. The company had a trading volume of 3,119,100 shares, compared to its average volume of 2,423,731. Level 3 Communications has a 12-month low of $50.82 and a 12-month high of $64.61. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.79 and a quick ratio of 1.79.
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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.
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