Independent Investors Inc. held its stake in L-3 Communications Holdings, Inc. (NYSE:LLL) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,915 shares of the aerospace company’s stock at the end of the second quarter. Independent Investors Inc.’s holdings in L-3 Communications Holdings were worth $1,322,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of LLL. Parallel Advisors LLC increased its stake in L-3 Communications Holdings by 4.6% in the first quarter. Parallel Advisors LLC now owns 614 shares of the aerospace company’s stock worth $103,000 after buying an additional 27 shares during the period. FNY Partners Fund LP acquired a new stake in L-3 Communications Holdings during the first quarter worth $115,000. FNY Managed Accounts LLC acquired a new stake in L-3 Communications Holdings during the first quarter worth $141,000. Heritage Trust Co acquired a new stake in L-3 Communications Holdings during the first quarter worth $165,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. acquired a new stake in L-3 Communications Holdings during the first quarter worth $174,000. Hedge funds and other institutional investors own 82.67% of the company’s stock.
L-3 Communications Holdings, Inc. (LLL) opened at 178.08 on Friday. The stock has a 50 day moving average price of $175.22 and a 200-day moving average price of $168.82. L-3 Communications Holdings, Inc. has a 12-month low of $132.38 and a 12-month high of $185.12. The firm has a market capitalization of $13.93 billion, a PE ratio of 20.07 and a beta of 1.15.
L-3 Communications Holdings (NYSE:LLL) last released its quarterly earnings data on Thursday, July 27th. The aerospace company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.18. The business had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.70 billion. L-3 Communications Holdings had a return on equity of 14.15% and a net margin of 6.44%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company posted $1.88 EPS. On average, equities research analysts forecast that L-3 Communications Holdings, Inc. will post $8.87 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 17th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Tuesday, August 15th. L-3 Communications Holdings’s dividend payout ratio is presently 33.82%.
L-3 Communications Holdings announced that its board has initiated a share buyback plan on Tuesday, May 9th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the aerospace company to buy up to 11.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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A number of research firms recently weighed in on LLL. Drexel Hamilton upgraded L-3 Communications Holdings from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th. Goldman Sachs Group, Inc. (The) upgraded L-3 Communications Holdings from a “buy” rating to a “conviction-buy” rating and lifted their price target for the company from $195.00 to $204.00 in a research note on Monday, August 7th. Jefferies Group LLC restated a “hold” rating and issued a $175.00 price target on shares of L-3 Communications Holdings in a research note on Sunday, July 30th. Cowen and Company restated a “buy” rating and issued a $190.00 price target on shares of L-3 Communications Holdings in a research note on Monday, August 14th. Finally, Zacks Investment Research downgraded L-3 Communications Holdings from a “buy” rating to a “hold” rating in a research report on Thursday, August 3rd. Nine analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $182.50.
In other news, Chairman Michael T. Strianese sold 22,547 shares of the firm’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $169.02, for a total transaction of $3,810,893.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Claude R. Canizares sold 2,981 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $181.68, for a total value of $541,588.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 70,622 shares of company stock valued at $12,052,959. Corporate insiders own 2.90% of the company’s stock.
L-3 Communications Holdings Company Profile
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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