Fox Run Management L.L.C. acquired a new position in shares of L-3 Communications Holdings, Inc. (NYSE:LLL) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,200 shares of the aerospace company’s stock, valued at approximately $200,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of LLL. Xact Kapitalforvaltning AB purchased a new position in shares of L-3 Communications Holdings during the second quarter worth about $1,022,000. Piedmont Investment Advisors LLC boosted its position in shares of L-3 Communications Holdings by 454.7% in the first quarter. Piedmont Investment Advisors LLC now owns 97,080 shares of the aerospace company’s stock worth $16,046,000 after buying an additional 79,578 shares in the last quarter. Bank of Nova Scotia purchased a new position in shares of L-3 Communications Holdings during the first quarter worth about $2,940,000. FNY Partners Fund LP purchased a new position in shares of L-3 Communications Holdings during the first quarter worth about $115,000. Finally, FNY Managed Accounts LLC purchased a new position in shares of L-3 Communications Holdings during the first quarter worth about $141,000. Hedge funds and other institutional investors own 82.67% of the company’s stock.
Shares of L-3 Communications Holdings, Inc. (LLL) traded down 0.29% on Friday, reaching $178.08. 413,960 shares of the company traded hands. The firm 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 one year low of $132.38 and a one year high of $185.12. The company 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 posted its quarterly earnings results on Thursday, July 27th. The aerospace company reported $2.21 earnings per share (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 business had revenue of $2.73 billion during the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter last year, the firm posted $1.88 EPS. L-3 Communications Holdings’s revenue was up 2.6% compared to the same quarter last year. Equities analysts forecast that L-3 Communications Holdings, Inc. will post $8.87 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. This represents a $3.00 annualized dividend and a yield of 1.68%. The ex-dividend date is Tuesday, August 15th. L-3 Communications Holdings’s payout ratio is currently 33.82%.
L-3 Communications Holdings declared that its board has initiated a share buyback program on Tuesday, May 9th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the aerospace company to repurchase up to 11.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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A number of research analysts recently issued reports on the stock. Cowen and Company restated a “buy” rating and set a $190.00 price objective on shares of L-3 Communications Holdings in a report on Monday, August 14th. Drexel Hamilton upgraded shares of L-3 Communications Holdings from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. Goldman Sachs Group, Inc. (The) upgraded shares of L-3 Communications Holdings from a “buy” rating to a “conviction-buy” rating and boosted their price objective for the company from $195.00 to $204.00 in a report on Monday, August 7th. Zacks Investment Research cut shares of L-3 Communications Holdings from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Finally, Stifel Nicolaus restated a “hold” rating and set a $175.00 price objective (up previously from $170.00) on shares of L-3 Communications Holdings in a report on Sunday, July 30th. Nine investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. L-3 Communications Holdings currently has an average rating of “Buy” and an average price target of $182.50.
In other L-3 Communications Holdings news, Chairman Michael T. Strianese sold 22,547 shares of L-3 Communications Holdings stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $169.02, for a total transaction of $3,810,893.94. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Claude R. Canizares sold 2,981 shares of L-3 Communications Holdings stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $181.68, for a total transaction of $541,588.08. The disclosure for this sale can be found here. In the last three months, insiders sold 70,622 shares of company stock valued at $12,052,959. 2.90% of the stock is currently 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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