Point72 Asset Management L.P. cut its stake in shares of L3 Technologies Inc (NYSE:LLL) by 31.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 306,300 shares of the aerospace company’s stock after selling 138,319 shares during the period. Point72 Asset Management L.P.’s holdings in L3 Technologies were worth $63,710,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Vestpro Financial Partners Inc. dba CPF Texas purchased a new position in shares of L3 Technologies in the fourth quarter valued at approximately $107,000. Certified Advisory Corp purchased a new position in shares of L3 Technologies in the fourth quarter valued at approximately $128,000. Institutional & Family Asset Management LLC purchased a new position in shares of L3 Technologies in the first quarter valued at approximately $129,000. Kings Point Capital Management purchased a new position in shares of L3 Technologies in the fourth quarter valued at approximately $158,000. Finally, Bray Capital Advisors purchased a new position in shares of L3 Technologies in the first quarter valued at approximately $177,000. Institutional investors and hedge funds own 80.48% of the company’s stock.
Shares of L3 Technologies stock opened at $200.41 on Thursday. The firm has a market capitalization of $15.88 billion, a PE ratio of 23.66, a price-to-earnings-growth ratio of 2.43 and a beta of 1.21. L3 Technologies Inc has a 12 month low of $164.34 and a 12 month high of $218.71. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.49 and a current ratio of 1.92.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, May 18th will be paid a $0.80 dividend. The ex-dividend date of this dividend is Thursday, May 17th. This represents a $3.20 annualized dividend and a yield of 1.60%. L3 Technologies’s dividend payout ratio is currently 37.78%.
Several research firms have recently commented on LLL. Credit Suisse Group lowered their price objective on shares of L3 Technologies from $244.00 to $218.00 and set an “outperform” rating for the company in a research note on Tuesday, May 22nd. Zacks Investment Research upgraded shares of L3 Technologies from a “hold” rating to a “buy” rating and set a $209.00 price target for the company in a research note on Thursday, May 3rd. Stifel Nicolaus lifted their price target on shares of L3 Technologies from $215.00 to $220.00 and gave the stock a “hold” rating in a research note on Wednesday, May 2nd. Finally, Barclays started coverage on shares of L3 Technologies in a research note on Thursday, March 29th. They issued an “overweight” rating and a $274.00 price target for the company. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $222.55.
In other L3 Technologies news, Chairman Michael T. Strianese sold 39,515 shares of the business’s stock in a transaction on Monday, March 26th. The shares were sold at an average price of $205.60, for a total value of $8,124,284.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 316,120 shares of company stock worth $64,636,266 over the last three months. 2.40% of the stock is currently owned by corporate insiders.
About L3 Technologies
L3 Technologies, Inc provides aerospace systems, communication, electronic, and sensor systems used on military, homeland security, and commercial platforms in the United States and internationally. It offers simulation and training, night vision and image intensification equipment, and security and detection systems; and components, products, subsystems, and systems, as well as related services to military and commercial customers in various business areas, such as total training solutions, power and propulsion systems, aviation products, precision engagement systems, and security and detection systems.
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