BNP Paribas Arbitrage SA Sells 12,330 Shares of Level 3 Communications, Inc. (LVLT)

BNP Paribas Arbitrage SA cut its stake in Level 3 Communications, Inc. (NYSE:LVLT) by 5.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 205,436 shares of the technology company’s stock after selling 12,330 shares during the period. BNP Paribas Arbitrage SA owned about 0.06% of Level 3 Communications worth $11,755,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in LVLT. Pentwater Capital Management LP purchased a new position in shares of Level 3 Communications during the fourth quarter valued at approximately $484,132,000. Norges Bank bought a new stake in Level 3 Communications during the fourth quarter valued at about $177,305,000. Manikay Partners LLC bought a new stake in Level 3 Communications during the fourth quarter valued at about $140,336,000. Alpine Associates Management Inc. bought a new stake in Level 3 Communications during the fourth quarter valued at about $106,786,000. Finally, Two Sigma Investments LP boosted its stake in Level 3 Communications by 535.7% in the fourth quarter. Two Sigma Investments LP now owns 1,867,131 shares of the technology company’s stock valued at $105,232,000 after buying an additional 1,573,405 shares during the period.

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

Level 3 Communications, Inc. (NYSE:LVLT) traded up 0.93% during mid-day trading on Friday, reaching $59.58. 2,095,324 shares of the company traded hands. The firm has a market capitalization of $21.53 billion, a price-to-earnings ratio of 33.70 and a beta of 1.48. Level 3 Communications, Inc. has a 52 week low of $44.01 and a 52 week high of $61.42. The stock’s 50 day moving average price is $59.33 and its 200 day moving average price is $57.48.

Level 3 Communications (NYSE:LVLT) last posted its earnings results on Wednesday, May 3rd. The technology company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by $0.03. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.04 billion. Level 3 Communications had a return on equity of 6.34% and a net margin of 8.15%. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period last year, the company posted $0.35 EPS. Equities analysts forecast that Level 3 Communications, Inc. will post $1.40 EPS for the current year.

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Several equities research analysts have recently weighed in on LVLT shares. Zacks Investment Research raised shares of Level 3 Communications from a “sell” rating to a “hold” rating in a research report on Monday, January 23rd. Jefferies Group LLC upped their price target on shares of Level 3 Communications from $50.00 to $64.00 and gave the stock a “hold” rating in a research report on Wednesday, January 25th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $61.00 price target on shares of Level 3 Communications in a research report on Friday, February 10th. Morgan Stanley reaffirmed a “weight” rating and issued a $65.00 price target on shares of Level 3 Communications in a research report on Wednesday, March 29th. Finally, Raymond James Financial, Inc. reissued an “underperform” rating and set a $62.82 target price on shares of Level 3 Communications in a research report on Monday. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company’s stock. Level 3 Communications currently has an average rating of “Hold” and a consensus price target of $61.80.

In other news, SVP Eric Mortensen sold 925 shares of the firm’s stock in a transaction that occurred on Tuesday, April 4th. The shares were sold at an average price of $57.49, for a total transaction of $53,178.25. Following the completion of the sale, the senior vice president now owns 79,133 shares of the company’s stock, valued at $4,549,356.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Michael Ryan sold 9,179 shares of the firm’s stock in a transaction on Tuesday, April 4th. The stock was sold at an average price of $57.49, for a total value of $527,700.71. Following the transaction, the executive vice president now owns 150,921 shares in the company, valued at $8,676,448.29. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,491 shares of company stock valued at $2,500,298. Corporate insiders own 0.49% 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.

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