Adalta Capital Management LLC boosted its stake in Centurylink Inc (NYSE:CTL) by 173.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,985 shares of the technology company’s stock after buying an additional 24,089 shares during the quarter. Adalta Capital Management LLC’s holdings in Centurylink were worth $624,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of CTL. Ballew Advisors Inc purchased a new position in Centurylink in the 1st quarter worth approximately $101,000. Citizens Financial Group Inc RI purchased a new position in Centurylink in the 4th quarter worth approximately $111,000. Archford Capital Strategies LLC purchased a new position in Centurylink in the 1st quarter worth approximately $130,000. Bedel Financial Consulting Inc. purchased a new position in Centurylink in the 1st quarter worth approximately $136,000. Finally, Fairfield Bush & CO. purchased a new position in Centurylink in the 1st quarter worth approximately $150,000. 78.55% of the stock is currently owned by hedge funds and other institutional investors.
In related news, major shareholder Holdings (Private) Ltd Temasek bought 7,620,118 shares of the company’s stock in a transaction that occurred on Wednesday, April 4th. The stock was purchased at an average price of $16.72 per share, for a total transaction of $127,408,372.96. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven T. Clontz bought 41,000 shares of the company’s stock in a transaction that occurred on Friday, May 11th. The stock was bought at an average price of $19.44 per share, with a total value of $797,040.00. Following the acquisition, the director now directly owns 162,019 shares in the company, valued at approximately $3,149,649.36. The disclosure for this purchase can be found here. 0.60% of the stock is currently owned by insiders.
Centurylink (NYSE:CTL) last released its quarterly earnings results on Wednesday, May 9th. The technology company reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.06. The firm had revenue of $5.95 billion for the quarter, compared to analyst estimates of $5.97 billion. Centurylink had a net margin of 6.92% and a return on equity of 4.94%. The business’s revenue for the quarter was up 41.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.35 EPS. analysts forecast that Centurylink Inc will post 0.93 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Monday, June 4th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 11.99%. The ex-dividend date of this dividend was Friday, June 1st. Centurylink’s payout ratio is presently 146.94%.
A number of research firms have weighed in on CTL. ValuEngine lowered shares of Centurylink from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Macquarie lowered shares of Centurylink from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $27.61 to $18.00 in a research note on Wednesday, May 16th. Guggenheim began coverage on shares of Centurylink in a research note on Tuesday, March 13th. They issued a “neutral” rating and a $17.00 target price on the stock. Zacks Investment Research raised shares of Centurylink from a “sell” rating to a “hold” rating in a research note on Friday, March 16th. Finally, Bank of America reissued a “buy” rating and issued a $27.00 target price on shares of Centurylink in a research note on Wednesday, May 16th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $21.00.
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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