Shares of Level 3 Communications, Inc. (NYSE:LVLT) have received an average recommendation of “Hold” from the eight ratings firms that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $61.47.
Several brokerages recently commented on LVLT. Barclays decreased their target price on shares of Level 3 Communications from $59.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 4th. BidaskClub downgraded shares of Level 3 Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 9th.
Shares of Level 3 Communications (LVLT) traded up $0.93 on Tuesday, hitting $53.63. 3,119,100 shares of the stock were exchanged, compared to its average volume of 2,423,731. The company has a market cap of $19,450.00, a price-to-earnings ratio of 30.30 and a beta of 1.14. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.94. Level 3 Communications has a 1 year low of $50.82 and a 1 year high of $64.61.
Several hedge funds and other institutional investors have recently modified their holdings of LVLT. Vanguard Group Inc. increased its position in 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 valued at $1,730,339,000 after purchasing an additional 749,109 shares during the period. BlackRock Inc. increased its position in Level 3 Communications by 0.8% during the 2nd quarter. BlackRock Inc. now owns 18,083,573 shares of the technology company’s stock valued at $1,072,356,000 after purchasing an additional 148,953 shares during the period. Pentwater Capital Management LP increased its position in Level 3 Communications by 10.4% during the 3rd quarter. Pentwater Capital Management LP now owns 10,285,000 shares of the technology company’s stock valued at $548,088,000 after purchasing an additional 965,000 shares during the period. FMR LLC increased its position in Level 3 Communications by 3.3% during the 2nd quarter. FMR LLC now owns 4,428,040 shares of the technology company’s stock valued at $262,583,000 after purchasing an additional 139,962 shares during the period. Finally, York Capital Management Global Advisors LLC increased its position in Level 3 Communications by 28.9% during the 2nd quarter. York Capital Management Global Advisors LLC now owns 4,350,004 shares of the technology company’s stock valued at $257,955,000 after purchasing an additional 974,832 shares during the period. 98.84% of the stock is currently owned by institutional investors.
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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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