CenturyLink Inc. (NYSE:CTL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “CenturyLink’s Prism TV services bode well and has brought in revenues. This growing momentum of Prism IPTV service has prompted the company to plan the 17 Channel over the top (OTT) services launch in the beginning of 2017 which should boost the company’s video segment business. CenturyLink’s investment in the fiber-to-the-tower (FTTT) has expanded its fiber-based backhaul services. The company is also focused on establishing itself as a global leader in cloud infrastructure and hosted IT solutions arena designed for enterprise customers. However, the company is facing mounting competitive pressure which led to the decision of cutting 8% of its labor force which accounts to almost 3,000 to 3,500 workers losing their jobs. Moreover, loss of high-speed broadband subscribers, falling low-bandwidth data services revenues, intensifying competition, federal regulations and the need to upgrade technology remain potent headwinds.”
CTL has been the topic of a number of other research reports. Vetr raised CenturyLink from a “hold” rating to a “buy” rating and set a $29.33 price objective on the stock in a report on Wednesday, August 31st. Macquarie started coverage on CenturyLink in a report on Monday, July 11th. They set a “neutral” rating and a $31.00 price objective on the stock. Jefferies Group reissued a “sell” rating on shares of CenturyLink in a report on Friday, September 2nd. Evercore ISI started coverage on CenturyLink in a report on Tuesday, June 21st. They set a “hold” rating and a $28.00 price objective on the stock. Finally, RBC Capital Markets reissued a “sector perform” rating and set a $31.00 price objective (up previously from $29.00) on shares of CenturyLink in a report on Wednesday, August 10th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the stock. CenturyLink presently has an average rating of “Hold” and a consensus price target of $28.44.
Shares of CenturyLink (NYSE:CTL) opened at 27.34 on Thursday. CenturyLink has a 52 week low of $21.94 and a 52 week high of $32.94. The stock’s 50 day moving average price is $27.60 and its 200-day moving average price is $29.09. The firm has a market capitalization of $14.93 billion, a price-to-earnings ratio of 15.31 and a beta of 0.80.
CenturyLink (NYSE:CTL) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. The business had revenue of $440 billion for the quarter, compared to analysts’ expectations of $4.39 billion. CenturyLink had a return on equity of 11.02% and a net margin of 5.47%. The firm’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.55 EPS. Equities analysts predict that CenturyLink will post $2.53 earnings per share for the current year.
Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its position in CenturyLink by 25.3% in the second quarter. Dimensional Fund Advisors LP now owns 9,037,670 shares of the company’s stock valued at $262,156,000 after buying an additional 1,823,847 shares during the last quarter. Vanguard Group Inc. raised its position in CenturyLink by 5.0% in the second quarter. Vanguard Group Inc. now owns 38,015,493 shares of the company’s stock valued at $1,102,830,000 after buying an additional 1,815,294 shares during the last quarter. BlackRock Fund Advisors raised its position in CenturyLink by 8.9% in the second quarter. BlackRock Fund Advisors now owns 16,106,122 shares of the company’s stock valued at $467,239,000 after buying an additional 1,311,134 shares during the last quarter. Ameriprise Financial Inc. raised its position in CenturyLink by 25.5% in the second quarter. Ameriprise Financial Inc. now owns 5,599,218 shares of the company’s stock valued at $162,421,000 after buying an additional 1,137,292 shares during the last quarter. Finally, Glenmede Trust Co. NA raised its position in CenturyLink by 837.5% in the second quarter. Glenmede Trust Co. NA now owns 1,153,718 shares of the company’s stock valued at $33,467,000 after buying an additional 1,030,658 shares during the last quarter. Hedge funds and other institutional investors own 73.31% of the company’s stock.
CenturyLink Company Profile
CenturyLink, Inc is an integrated communications company. The Company is engaged in providing an array of communications services to residential and business customers. The Company’s segments include Business and Consumer. Its communications services include local and long-distance voice, high-speed Internet, Multi-Protocol Label Switching (MPLS), private line (including special access), data integration, Ethernet, colocation, managed hosting (including cloud hosting), network, public access, video, wireless and other ancillary services.
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