Nippon Life Global Investors Americas Inc. acquired a new position in Centurylink Inc (NYSE:CTL) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 213,400 shares of the technology company’s stock, valued at approximately $2,510,000.
A number of other hedge funds also recently bought and sold shares of CTL. Dimensional Fund Advisors LP increased its position in shares of Centurylink by 12.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 14,763,545 shares of the technology company’s stock worth $223,688,000 after acquiring an additional 1,587,647 shares during the period. Geode Capital Management LLC increased its position in shares of Centurylink by 9.2% during the fourth quarter. Geode Capital Management LLC now owns 13,305,449 shares of the technology company’s stock worth $201,523,000 after acquiring an additional 1,119,125 shares during the period. Municipal Employees Retirement System of Michigan purchased a new position in shares of Centurylink during the fourth quarter worth approximately $394,000. Thrivent Financial for Lutherans increased its position in shares of Centurylink by 1.8% during the fourth quarter. Thrivent Financial for Lutherans now owns 42,911 shares of the technology company’s stock worth $650,000 after acquiring an additional 757 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of Centurylink by 3.6% during the fourth quarter. Nordea Investment Management AB now owns 59,600 shares of the technology company’s stock worth $902,000 after acquiring an additional 2,082 shares during the period. 74.35% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently commented on CTL. Zacks Investment Research lowered shares of Centurylink from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Guggenheim upgraded shares of Centurylink from a “sell” rating to a “neutral” rating and set a $10.00 price objective on the stock in a research note on Thursday, May 23rd. They noted that the move was a valuation call. Citigroup upgraded shares of Centurylink from a “sell” rating to a “neutral” rating in a research note on Thursday, May 9th. Finally, Wells Fargo & Co upgraded shares of Centurylink from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $12.00 to $14.00 in a research note on Wednesday, June 26th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $16.39.
In other news, Director Steven T. Clontz bought 37,000 shares of the stock in a transaction on Friday, May 10th. The stock was bought at an average cost of $10.93 per share, for a total transaction of $404,410.00. Following the completion of the purchase, the director now directly owns 227,334 shares in the company, valued at $2,484,760.62. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey K. Storey bought 50,000 shares of the stock in a transaction on Thursday, May 23rd. The stock was purchased at an average price of $9.83 per share, with a total value of $491,500.00. Following the completion of the purchase, the chief executive officer now owns 3,240,001 shares of the company’s stock, valued at $31,849,209.83. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 142,000 shares of company stock valued at $1,455,160. 0.50% of the stock is owned by insiders.
Shares of NYSE CTL traded down $0.04 during midday trading on Friday, reaching $12.02. 9,076,447 shares of the company’s stock traded hands, compared to its average volume of 9,311,139. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.71 and a current ratio of 0.71. The stock’s 50 day moving average is $11.61. Centurylink Inc has a one year low of $9.64 and a one year high of $24.20. The stock has a market cap of $13.18 billion, a P/E ratio of 10.10, a price-to-earnings-growth ratio of 1.05 and a beta of 0.84.
Centurylink (NYSE:CTL) last announced its earnings results on Wednesday, May 8th. The technology company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.07. The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.71 billion. Centurylink had a negative net margin of 34.62% and a positive return on equity of 6.89%. Centurylink’s revenue was down 5.0% compared to the same quarter last year. During the same period last year, the firm earned $0.25 earnings per share. Equities analysts predict that Centurylink Inc will post 1.32 EPS for the current fiscal year.
CenturyLink, Inc provides various communications services to residential, business, wholesale, and governmental customers in the United States and internationally. The company operates in two segments, Business and Consumer. It offers VPN data network services; Ethernet services; Internet protocol (IP) services; facilities-based Prism TV service, as well as satellite digital television services; CDN services; and Vyvx broadcast services.
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