Amerigo Asset Management Lowers stake in Level 3 Communications (LVLT)

Level 3 Communications (LVLT) : Amerigo Asset Management reduced its stake in Level 3 Communications by 22.17% during the most recent quarter end. The investment management company now holds a total of 4,152,145 shares of Level 3 Communications which is valued at $235,551,186 after selling 1,182,836 shares in Level 3 Communications , the firm said in a disclosure report filed with the SEC on Jul 15, 2016.Level 3 Communications makes up approximately 25.23% of Amerigo Asset Management’s portfolio.

Other Hedge Funds, Including , Sarasin Partners Llp sold out all of its stake in LVLT during the most recent quarter. The investment firm sold 16,700 shares of LVLT which is valued $947,391.

Level 3 Communications opened for trading at $56.47 and hit $56.78 on the upside on Monday, eventually ending the session at $56.73, with a gain of 0.12% or 0.07 points. The heightened volatility saw the trading volume jump to 13,86,841 shares. Company has a market cap of $20,306 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 Company’s 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.

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