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 31.14% during the most recent quarter end. The investment management company now holds a total of 2,859,266 shares of Level 3 Communications which is valued at $128,924,304 after selling 1,292,879 shares in Level 3 Communications , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.Level 3 Communications makes up approximately 16.86% of Amerigo Asset Management’s portfolio.

Other Hedge Funds, Including , Legal General Group Plc boosted its stake in LVLT in the latest quarter, The investment management firm added 5,070 additional shares and now holds a total of 1,389,083 shares of Level 3 Communications which is valued at $63,036,587. Level 3 Communications makes up approx 0.06% of Legal General Group Plc’s portfolio.Creative Planning boosted its stake in LVLT in the latest quarter, The investment management firm added 49,080 additional shares and now holds a total of 71,431 shares of Level 3 Communications which is valued at $3,241,539. Level 3 Communications makes up approx 0.02% of Creative Planning’s portfolio.Cutler Group Lp boosted its stake in LVLT in the latest quarter, The investment management firm added 2,540 additional shares and now holds a total of 18,253 shares of Level 3 Communications which is valued at $840,368. Level 3 Communications makes up approx 0.05% of Cutler Group Lp’s portfolio.Addison Capital Co boosted its stake in LVLT in the latest quarter, The investment management firm added 479 additional shares and now holds a total of 14,028 shares of Level 3 Communications which is valued at $645,849. Level 3 Communications makes up approx 0.57% of Addison Capital Co’s portfolio.

Level 3 Communications closed down -0.66 points or -1.43% at $45.38 with 22,85,497 shares getting traded on Tuesday. Post opening the session at $45.82, the shares hit an intraday low of $45.19 and an intraday high of $45.82 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Level 3 Communications reported $0.53 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.45. The company had revenue of $2056.00 million for the quarter, compared to analysts expectations of $2078.64 million. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 EPS.

Many Wall Street Analysts have commented on Level 3 Communications. Level 3 Communications was Upgraded by MoffettNathanson to ” Buy” on Aug 24, 2016. Level 3 Communications was Downgraded by JP Morgan to ” Neutral” on Jul 28, 2016. Level 3 Communications was Initiated by Pacific Crest to “Sector Weight” on Jul 25, 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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