L-3 Communications Holdings, Inc. (LLL) Position Cut by Pioneer Investment Management Inc.

Pioneer Investment Management Inc. decreased its position in shares of L-3 Communications Holdings, Inc. (NYSE:LLL) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 92,267 shares of the aerospace company’s stock after selling 952 shares during the period. Pioneer Investment Management Inc. owned approximately 0.12% of L-3 Communications Holdings worth $15,416,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of L-3 Communications Holdings by 6.6% in the first quarter. Vanguard Group Inc. now owns 8,124,516 shares of the aerospace company’s stock worth $1,342,901,000 after buying an additional 505,941 shares during the last quarter. BlackRock Inc. raised its position in shares of L-3 Communications Holdings by 3,351.1% in the first quarter. BlackRock Inc. now owns 5,420,436 shares of the aerospace company’s stock worth $895,943,000 after buying an additional 5,263,373 shares during the last quarter. State Street Corp raised its position in shares of L-3 Communications Holdings by 3.7% in the first quarter. State Street Corp now owns 3,677,881 shares of the aerospace company’s stock worth $607,919,000 after buying an additional 132,410 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of L-3 Communications Holdings by 171,452.7% in the first quarter. Alliancebernstein L.P. now owns 2,319,392 shares of the aerospace company’s stock worth $383,372,000 after buying an additional 2,318,040 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of L-3 Communications Holdings by 44.6% in the first quarter. JPMorgan Chase & Co. now owns 2,125,903 shares of the aerospace company’s stock worth $351,390,000 after buying an additional 655,592 shares during the last quarter. Institutional investors and hedge funds own 81.21% of the company’s stock.

Shares of L-3 Communications Holdings, Inc. (NYSE:LLL) opened at 183.29 on Friday. The stock has a 50 day moving average of $172.85 and a 200-day moving average of $167.64. The firm has a market cap of $14.34 billion, a price-to-earnings ratio of 20.66 and a beta of 1.15. L-3 Communications Holdings, Inc. has a 1-year low of $132.38 and a 1-year high of $185.12.

L-3 Communications Holdings (NYSE:LLL) last released its quarterly earnings results on Thursday, July 27th. The aerospace company reported $2.21 EPS for the quarter, beating the consensus estimate of $2.03 by $0.18. L-3 Communications Holdings had a net margin of 6.44% and a return on equity of 14.15%. The firm had revenue of $2.73 billion during the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the prior year, the firm earned $1.88 EPS. L-3 Communications Holdings’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities analysts anticipate that L-3 Communications Holdings, Inc. will post $8.88 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 17th will be given a $0.75 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $3.00 annualized dividend and a yield of 1.64%. L-3 Communications Holdings’s dividend payout ratio (DPR) is 33.82%.

L-3 Communications Holdings declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 9th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the aerospace company to repurchase up to 11.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

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A number of research analysts have issued reports on LLL shares. Stifel Nicolaus restated a “hold” rating and set a $175.00 price target (up previously from $170.00) on shares of L-3 Communications Holdings in a research note on Sunday, July 30th. Barclays PLC lowered shares of L-3 Communications Holdings from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $165.00 to $175.00 in a research note on Monday, May 1st. Jefferies Group LLC restated a “hold” rating and set a $170.00 price target (up previously from $160.00) on shares of L-3 Communications Holdings in a research note on Saturday, April 29th. Cowen and Company restated a “buy” rating and set a $185.00 price target on shares of L-3 Communications Holdings in a research note on Thursday, July 20th. Finally, Zacks Investment Research lowered shares of L-3 Communications Holdings from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. L-3 Communications Holdings currently has a consensus rating of “Buy” and a consensus target price of $182.08.

In related news, Chairman Michael T. Strianese sold 22,547 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $169.02, for a total value of $3,810,893.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 67,641 shares of company stock valued at $11,511,371. 2.90% of the stock is owned by insiders.

About L-3 Communications Holdings

L3 Technologies, Inc, formerly L-3 Communications Holdings, Inc, is a prime contractor in Intelligence, Surveillance and Reconnaissance (ISR) systems, aircraft sustainment, simulation and training, night vision and image intensification equipment and security and detection systems. The Company provides a broad range of communication and electronic systems and products used on military and commercial platforms.

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Institutional Ownership by Quarter for L-3 Communications Holdings (NYSE:LLL)

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