Covey Capital Advisors Lowers stake in Level 3 Communications (LVLT)

Level 3 Communications (LVLT) : Covey Capital Advisors reduced its stake in Level 3 Communications by 0.49% during the most recent quarter end. The investment management company now holds a total of 696,064 shares of Level 3 Communications which is valued at $34,615,263 after selling 3,400 shares in Level 3 Communications , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Level 3 Communications makes up approximately 18.06% of Covey Capital Advisors’s portfolio.

Other Hedge Funds, Including , Norinchukin Bank The boosted its stake in LVLT in the latest quarter, The investment management firm added 372 additional shares and now holds a total of 15,206 shares of Level 3 Communications which is valued at $762,429. Level 3 Communications makes up approx 0.02% of Norinchukin Bank The’s portfolio.Commonwealth Equity Services Inc boosted its stake in LVLT in the latest quarter, The investment management firm added 16,130 additional shares and now holds a total of 22,934 shares of Level 3 Communications which is valued at $1,129,958. Level 3 Communications makes up approx 0.01% of Commonwealth Equity Services Inc’s portfolio. Quantitative Investment Management sold out all of its stake in LVLT during the most recent quarter. The investment firm sold 42,400 shares of LVLT which is valued $2,089,048.

Level 3 Communications opened for trading at $48.11 and hit $48.59 on the upside on Friday, eventually ending the session at $48.54, with a gain of 0.21% or 0.1 points. The heightened volatility saw the trading volume jump to 20,88,735 shares. Company has a market cap of $17,451 M.

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 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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