Gabelli Funds LLC Trims Stake in Centurylink Inc (CTL)

Gabelli Funds LLC cut its position in Centurylink Inc (NYSE:CTL) by 13.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,885,076 shares of the technology company’s stock after selling 300,990 shares during the period. Gabelli Funds LLC owned 0.18% of Centurylink worth $30,972,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CTL. Standard Life Aberdeen plc grew its stake in shares of Centurylink by 1,216.8% in the 4th quarter. Standard Life Aberdeen plc now owns 6,682,023 shares of the technology company’s stock valued at $111,491,000 after buying an additional 6,174,561 shares during the period. Geode Capital Management LLC boosted its stake in Centurylink by 82.4% during the 4th quarter. Geode Capital Management LLC now owns 10,371,954 shares of the technology company’s stock valued at $172,650,000 after purchasing an additional 4,685,323 shares during the last quarter. ACR Alpine Capital Research LLC acquired a new position in Centurylink during the 4th quarter valued at about $70,510,000. Beck Mack & Oliver LLC boosted its stake in Centurylink by 352.4% during the 4th quarter. Beck Mack & Oliver LLC now owns 4,265,697 shares of the technology company’s stock valued at $71,152,000 after purchasing an additional 3,322,807 shares during the last quarter. Finally, West Family Investments Inc. acquired a new position in Centurylink during the 4th quarter valued at about $42,435,000. Institutional investors own 78.64% of the company’s stock.

In other news, major shareholder Holdings (Private) Ltd Temasek bought 7,620,118 shares of the company’s stock in a transaction on Wednesday, April 4th. The shares were purchased at an average price of $16.72 per share, with a total value of $127,408,372.96. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Steven T. Clontz bought 41,000 shares of the company’s stock in a transaction on Friday, May 11th. The shares were purchased at an average cost of $19.44 per share, for a total transaction of $797,040.00. Following the transaction, the director now owns 162,019 shares in the company, valued at $3,149,649.36. The disclosure for this purchase can be found here. 0.60% of the stock is owned by company insiders.

Centurylink stock opened at $19.01 on Thursday. Centurylink Inc has a 52 week low of $13.16 and a 52 week high of $27.61. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.58. The company has a market cap of $20.81 billion, a price-to-earnings ratio of 12.93, a PEG ratio of -14.36 and a beta of 0.76.

Centurylink (NYSE:CTL) last posted its earnings results on Wednesday, May 9th. The technology company reported $0.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.06. Centurylink had a net margin of 6.92% and a return on equity of 4.94%. The firm had revenue of $5.95 billion for the quarter, compared to analysts’ expectations of $5.97 billion. During the same quarter last year, the firm earned $0.35 EPS. The company’s quarterly revenue was up 41.2% compared to the same quarter last year. sell-side analysts expect that Centurylink Inc will post 0.9 earnings per share for the current fiscal year.

The company also recently announced 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 annualized dividend and a dividend yield of 11.36%. Centurylink’s dividend payout ratio is currently 146.94%.

A number of research firms have issued reports on CTL. Macquarie downgraded Centurylink from a “neutral” rating to an “underperform” rating and cut their price target for the company from $27.61 to $18.00 in a research note on Wednesday, May 16th. ValuEngine downgraded Centurylink from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Guggenheim began coverage on Centurylink in a research note on Tuesday, March 13th. They set a “neutral” rating and a $17.00 price target for the company. Bank of America reiterated a “buy” rating and set a $27.00 price target on shares of Centurylink in a research note on Wednesday, May 16th. Finally, Zacks Investment Research upgraded Centurylink from a “sell” rating to a “hold” rating in a research note on Friday, March 16th. Two investment 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 company presently has a consensus rating of “Hold” and an average target price of $21.00.

About Centurylink

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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Institutional Ownership by Quarter for Centurylink (NYSE:CTL)

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