Level 3 Communications (LVLT) : Covey Capital Advisors reduced its stake in Level 3 Communications by 4.54% during the most recent quarter end. The investment management company now holds a total of 699,464 shares of Level 3 Communications which is valued at $36.2 Million after selling 33,275 shares in Level 3 Communications , the firm said in a disclosure report filed with the SEC on May 12, 2016.Level 3 Communications makes up approximately 19.22% of Covey Capital Advisors’s portfolio.
Other Hedge Funds, Including , Motley Fool Wealth Management boosted its stake in LVLT in the latest quarter, The investment management firm added 1,610 additional shares and now holds a total of 21,693 shares of Level 3 Communications which is valued at $1.1 Million. Level 3 Communications makes up approx 0.13% of Motley Fool Wealth Management’s portfolio. Timessquare Capital Management added LVLT to its portfolio by purchasing 1,055,100 company shares during the most recent quarter which is valued at $54.6 Million. Level 3 Communications makes up approx 0.36% of Timessquare Capital Management’s portfolio.Wetherby Asset Management Inc boosted its stake in LVLT in the latest quarter, The investment management firm added 257 additional shares and now holds a total of 5,168 shares of Level 3 Communications which is valued at $267,547. Level 3 Communications makes up approx 0.06% of Wetherby Asset Management Inc’s portfolio.Cornerstone Financial Partners reduced its stake in LVLT by selling 5,853 shares or 17.67% in the most recent quarter. The Hedge Fund company now holds 27,263 shares of LVLT which is valued at $1.4 Million. Level 3 Communications makes up approx 0.55% of Cornerstone Financial Partners’s portfolio.Nisa Investment Advisors L.l.c. boosted its stake in LVLT in the latest quarter, The investment management firm added 3,560 additional shares and now holds a total of 116,021 shares of Level 3 Communications which is valued at $6.1 Million. Level 3 Communications makes up approx 0.09% of Nisa Investment Advisors L.l.c.’s portfolio.
Level 3 Communications opened for trading at $52.02 and hit $52.46 on the upside on Friday, eventually ending the session at $52.28, with a gain of 0.99% or 0.51 points. The heightened volatility saw the trading volume jump to 15,51,127 shares. Company has a market cap of $18,713 M.
On the company’s financial health, Level 3 Communications reported $0.35 EPS for the quarter, missing the analyst consensus estimate by $ -0.09 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $0.44. The company had revenue of $2051.00 million for the quarter, compared to analysts expectations of $2075.97 million. The company’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 EPS.
Many Wall Street Analysts have commented on Level 3 Communications. Level 3 Communications was Downgraded by BofA/Merrill to ” Neutral” on Apr 29, 2016.
Level 3 Communications Inc. is a provider of a range of integrated communications services. The Companys operating segments include North America includes operations in Georgia Colorado Florida Canada New York Arizona Pennsylvania Michigan and Oklahoma; Europe includes operations in England Ireland The Netherlands and France; The Latin America includes operations in Colombia Argentina Venezuela Peru Ecuador Chile and Brazil. The Asia or Pacific includes operations in China Singapore and Japan. The tw telecom inc. (tw telecom) is an indirect wholly owned subsidiary of the Company. The Company offers services which includes core network services and wholesale voice services. It offers products which include core network services including transport and fiber services colocation and data center services IP and data services managed services cloud and IT services voice services and wholesale voice services including voice termination and toll free.