Level 3 Communications, Inc. (NYSE:LVLT) Stake Raised by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. grew its stake in shares of Level 3 Communications, Inc. (NYSE:LVLT) by 19.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 650,275 shares of the technology company’s stock after purchasing an additional 106,591 shares during the period. Level 3 Communications makes up 0.9% of Oppenheimer Asset Management Inc.’s investment portfolio, making the stock its 14th largest holding. Oppenheimer Asset Management Inc. owned approximately 0.18% of Level 3 Communications worth $34,653,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Level 3 Communications by 2.6% in the second quarter. Vanguard Group Inc. now owns 29,179,420 shares of the technology company’s stock worth $1,730,339,000 after buying an additional 749,109 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Level 3 Communications by 0.8% in the second quarter. BlackRock Inc. now owns 18,083,573 shares of the technology company’s stock worth $1,072,356,000 after buying an additional 148,953 shares in the last quarter. Pentwater Capital Management LP lifted its stake in shares of Level 3 Communications by 6.8% in the second quarter. Pentwater Capital Management LP now owns 9,320,000 shares of the technology company’s stock worth $552,676,000 after buying an additional 590,000 shares in the last quarter. FMR LLC lifted its stake in shares of Level 3 Communications by 3.3% in the second quarter. FMR LLC now owns 4,428,040 shares of the technology company’s stock worth $262,583,000 after buying an additional 139,962 shares in the last quarter. Finally, York Capital Management Global Advisors LLC lifted its stake in shares of Level 3 Communications by 28.9% in the second quarter. York Capital Management Global Advisors LLC now owns 4,350,004 shares of the technology company’s stock worth $257,955,000 after buying an additional 974,832 shares in the last quarter. 98.84% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Level 3 Communications, Inc. (NYSE:LVLT) remained flat at $$53.63 during trading hours on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.79 and a quick ratio of 1.79. Level 3 Communications, Inc. has a fifty-two week low of $50.82 and a fifty-two week high of $64.61. The firm has a market cap of $19,450.00, a P/E ratio of 30.30 and a beta of 1.14.

Several research firms have recently weighed in on LVLT. BidaskClub cut shares of Level 3 Communications from a “sell” rating to a “strong sell” rating in a report on Friday, October 20th. Barclays reduced their target price on shares of Level 3 Communications from $59.00 to $53.00 and set an “equal weight” rating for the company in a report on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $61.47.

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Level 3 Communications 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.

Institutional Ownership by Quarter for Level 3 Communications (NYSE:LVLT)

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