Cove Street Capital LLC Cuts Stake in Centurylink Inc (CTL)
Cove Street Capital LLC reduced its position in Centurylink Inc (NYSE:CTL) by 15.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 542,702 shares of the technology company’s stock after selling 102,380 shares during the quarter. Cove Street Capital LLC’s holdings in Centurylink were worth $8,917,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. CIBC World Markets Inc. boosted its holdings in shares of Centurylink by 14.1% in the 4th quarter. CIBC World Markets Inc. now owns 22,598 shares of the technology company’s stock worth $377,000 after purchasing an additional 2,798 shares in the last quarter. Cetera Advisors LLC boosted its holdings in shares of Centurylink by 21.6% in the 1st quarter. Cetera Advisors LLC now owns 16,029 shares of the technology company’s stock worth $264,000 after purchasing an additional 2,849 shares in the last quarter. Atria Investments LLC boosted its holdings in shares of Centurylink by 1.7% in the 1st quarter. Atria Investments LLC now owns 175,301 shares of the technology company’s stock worth $2,880,000 after purchasing an additional 2,924 shares in the last quarter. Crescent Grove Advisors LLC boosted its holdings in shares of Centurylink by 17.5% in the 4th quarter. Crescent Grove Advisors LLC now owns 20,000 shares of the technology company’s stock worth $334,000 after purchasing an additional 2,977 shares in the last quarter. Finally, Balter Liquid Alternatives LLC boosted its holdings in shares of Centurylink by 34.3% in the 1st quarter. Balter Liquid Alternatives LLC now owns 11,939 shares of the technology company’s stock worth $196,000 after purchasing an additional 3,050 shares in the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.
A number of equities analysts have recently issued reports on the company. Bank of America reiterated a “buy” rating and issued a $27.00 price objective on shares of Centurylink in a report on Wednesday, May 16th. Macquarie lowered Centurylink from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $27.61 to $18.00 in a research note on Wednesday, May 16th. Cowen set a $19.00 target price on Centurylink and gave the company a “hold” rating in a research note on Thursday, February 15th. Zacks Investment Research lowered Centurylink from a “hold” rating to a “sell” rating in a research note on Monday, February 19th. Finally, Barclays reissued a “hold” rating and issued a $17.00 target price on shares of Centurylink in a research note on Friday, February 16th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $21.00.
Centurylink (NYSE:CTL) last released its quarterly earnings results on Wednesday, May 9th. The technology company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.06. The business had revenue of $5.95 billion during the quarter, compared to analyst estimates of $5.97 billion. Centurylink had a return on equity of 4.94% and a net margin of 6.92%. Centurylink’s quarterly revenue was up 41.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.35 EPS. equities research analysts forecast that Centurylink Inc will post 0.93 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Monday, June 4th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 11.86%. The ex-dividend date is Friday, June 1st. Centurylink’s payout ratio is 146.94%.
In other Centurylink news, Director Steven T. Clontz purchased 41,000 shares of the stock in a transaction on Friday, May 11th. The stock was acquired at an average price of $19.44 per share, with a total value of $797,040.00. Following the transaction, the director now directly owns 162,019 shares of the company’s stock, valued at approximately $3,149,649.36. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Holdings (Private) Ltd Temasek purchased 7,620,118 shares of the stock in a transaction on Wednesday, April 4th. The shares were acquired at an average cost of $16.72 per share, with a total value of $127,408,372.96. The disclosure for this purchase can be found here. Corporate insiders own 0.60% of the company’s stock.
Centurylink Company Profile
CenturyLink, Inc provides various communications services to residential, business, wholesale, and governmental customers primarily in the United States. It operates in two segments, Business and Consumer. The company offers virtual private network data network services; Ethernet services; Internet protocol services; CenturyLink Prism TV that allows customers to watch television or cable channels and record up to four shows on one home digital video recorder; and Vyvx, which provides audio and video feeds over fiber or satellite for broadcast and production customers, as well as satellite digital television services.
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