Thornburg Investment Management Inc Significantly Decreases Its Investment in Centurylink (CTL) Stock


Centurylink (NYSE:CTL).

Thornburg Investment Management Inc reports that it sold 1,700,748 shares during the last quarter decreasing its exposure to Centurylink by 26.4%. Its stake was valued at $89,509,000 a decrease of 41.8% as of the end of the quarter.

These firms have modified their investment in CTL. As of quarter end Snow Capital Management LP had acquired a total of 141,394 shares growing its holdings by 1,445.0%. The value of the investment in (CTL) increased from $234,000 to $2,857,000 increasing 1,120.9% quarter over quarter. As of the end of the quarter Frontier Investment Mgmt Co had bought 22,953 shares growing its position 15.1%. The value in dollars went from $3,636,000 to $3,312,000 a change of $324,000 for the reporting period.

As of the end of the quarter Omers Administration Corp had disposed of a total of 79,000 shares trimming its stake by 21.3%. The value of the total investment in Centurylink went from $8,869,000 to $5,526,000 a change of 37.7% since the last quarter.

Oppenheimer Holdings lowered the price target of the stock on November 10 changing the price objective from $28.00 to $20.00 and issued a “Outperform” recommendation. Equity analyst Jefferies Group LLC lowered the price target on November 9 cutting the projection from $0.00 to $17.00 and issued a “Hold” rating.

On November 9 J P Morgan Chase & Co maintained a company rating of “Buy” targeting a price of $26.00. November 9 investment analysts at Deutsche Bank AG left the company rating at “Hold” with a current price target of $16.00.

On November 1 SunTrust Banks kept the company rating at “Hold” projecting a price of $25.00. On October 19 Cowen and Company kept the stock rating at “Hold” projecting a price of $24.00.

The company is now down from yesterday’s close of 14.4. Centurylink’s P/E ratio is 24.71 and the market value is 15.32B. As of the latest earnings report the EPS was $0.58 with 1.07B shares currently outstanding.

Short traders are feeling a little more bearish on shares of the company as implied by the increase in short interest. The stock realized a rise in short interest between October 13, 2017 and October 31, 2017 of 13.82%. Short interest grew from 121,919,354 to 138,766,016 over that period. With short interest at 138,766,016 and short average daily volume at 16,104,698, days to cover is 9.0 and the percentage of shorted shares is 0.13% as of October 31.