Alpine Global Management LLC boosted its position in shares of Level 3 Communications, Inc. (NYSE:LVLT) by 274.6% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 189,434 shares of the technology company’s stock after acquiring an additional 138,864 shares during the quarter. Level 3 Communications comprises about 3.5% of Alpine Global Management LLC’s portfolio, making the stock its 7th largest position. Alpine Global Management LLC owned about 0.05% of Level 3 Communications worth $11,233,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Tiverton Asset Management LLC purchased a new position in shares of Level 3 Communications during the 2nd quarter valued at about $126,000. Sun Life Financial INC raised its stake in shares of Level 3 Communications by 23,733.3% during the 2nd quarter. Sun Life Financial INC now owns 2,145 shares of the technology company’s stock valued at $127,000 after buying an additional 2,136 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Level 3 Communications by 155.3% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,226 shares of the technology company’s stock valued at $132,000 after buying an additional 1,354 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its stake in shares of Level 3 Communications by 449.0% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 2,306 shares of the technology company’s stock valued at $137,000 after buying an additional 1,886 shares during the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Level 3 Communications during the 2nd quarter valued at about $211,000. 98.81% of the stock is owned by institutional investors.
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Level 3 Communications (NYSE:LVLT) last released its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.03. Level 3 Communications had a net margin of 7.85% and a return on equity of 5.80%. The business had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the previous year, the business earned $0.53 earnings per share. The firm’s revenue was up .2% compared to the same quarter last year.
LVLT has been the subject of a number of recent research reports. Zacks Investment Research lowered Level 3 Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Barclays PLC cut their price target 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. BidaskClub lowered Level 3 Communications from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Finally, UBS AG restated a “buy” rating and issued a $68.00 price target (down previously from $71.00) on shares of Level 3 Communications in a research note on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $61.73.
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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