Texas Permanent School Fund cut its stake in shares of Centurylink Inc (NYSE:CTL) by 3.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 185,006 shares of the technology company’s stock after selling 6,271 shares during the period. Texas Permanent School Fund’s holdings in Centurylink were worth $2,218,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Legacy Advisors LLC acquired a new stake in Centurylink during the first quarter worth approximately $25,000. Signet Investment Advisory Group Inc. acquired a new stake in Centurylink during the fourth quarter worth approximately $34,000. Doyle Wealth Management acquired a new stake in Centurylink during the fourth quarter worth approximately $35,000. Pearl River Capital LLC acquired a new stake in Centurylink during the fourth quarter worth approximately $42,000. Finally, Lindbrook Capital LLC lifted its position in Centurylink by 447.0% during the first quarter. Lindbrook Capital LLC now owns 4,409 shares of the technology company’s stock worth $52,000 after acquiring an additional 3,603 shares during the last quarter. Hedge funds and other institutional investors own 75.52% of the company’s stock.
In other news, Director Steven T. Clontz acquired 8,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was acquired at an average cost of $11.95 per share, for a total transaction of $95,600.00. Following the completion of the transaction, the director now directly owns 202,334 shares in the company, valued at $2,417,891.30. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jeffrey K. Storey acquired 83,000 shares of the stock in a transaction on Wednesday, March 6th. The shares were purchased at an average price of $11.94 per share, with a total value of $991,020.00. Following the completion of the transaction, the chief executive officer now owns 3,476,359 shares of the company’s stock, valued at $41,507,726.46. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 190,000 shares of company stock valued at $2,212,330. 0.50% of the stock is owned by company insiders.
CTL has been the subject of several research reports. Guggenheim downgraded shares of Centurylink from a “neutral” rating to a “sell” rating and set a $11.00 price objective for the company. in a research report on Thursday, January 24th. Citigroup downgraded shares of Centurylink from a “neutral” rating to a “sell” rating and set a $14.48 price objective for the company. in a research report on Tuesday, February 5th. ValuEngine downgraded shares of Centurylink from a “hold” rating to a “sell” rating in a research report on Tuesday, February 5th. JPMorgan Chase & Co. downgraded shares of Centurylink from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $27.00 to $14.00 in a research report on Thursday, February 14th. Finally, UBS Group downgraded shares of Centurylink from a “buy” rating to a “neutral” rating and dropped their price target for the company from $24.00 to $14.00 in a research report on Thursday, February 14th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. Centurylink has a consensus rating of “Hold” and an average target price of $16.65.
NYSE CTL opened at $10.59 on Friday. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.71 and a quick ratio of 0.69. Centurylink Inc has a 1-year low of $10.28 and a 1-year high of $24.20. The company has a market capitalization of $11.55 billion, a PE ratio of 8.90, a price-to-earnings-growth ratio of 0.65 and a beta of 0.74.
Centurylink (NYSE:CTL) last released its quarterly earnings results on Wednesday, May 8th. The technology company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.07. Centurylink had a negative net margin of 34.62% and a positive return on equity of 6.89%. The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the previous year, the business earned $0.25 earnings per share. The firm’s quarterly revenue was down 5.0% on a year-over-year basis. On average, sell-side analysts anticipate that Centurylink Inc will post 1.29 earnings per share for the current year.
Centurylink Company Profile
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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