US Bancorp DE increased its stake in L-3 Communications Holdings, Inc. (NYSE:LLL) by 10.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,687 shares of the aerospace company’s stock after buying an additional 1,434 shares during the period. US Bancorp DE’s holdings in L-3 Communications Holdings were worth $2,453,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Parallel Advisors LLC boosted its position 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 purchased a new position in L-3 Communications Holdings during the first quarter worth $115,000. FNY Managed Accounts LLC purchased a new position in L-3 Communications Holdings during the first quarter worth $141,000. Heritage Trust Co bought a new stake in shares of L-3 Communications Holdings during the first quarter worth about $165,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. bought a new stake in shares of L-3 Communications Holdings during the first quarter worth about $174,000. Institutional investors and hedge funds own 82.67% of the company’s stock.
Shares of L-3 Communications Holdings, Inc. (NYSE:LLL) traded down 0.29% during mid-day trading on Friday, reaching $178.08. 413,960 shares of the company were exchanged. The stock has a market capitalization of $13.93 billion, a P/E ratio of 20.07 and a beta of 1.15. L-3 Communications Holdings, Inc. has a 12 month low of $132.38 and a 12 month high of $185.12. 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 (NYSE:LLL) last issued its earnings results on Thursday, July 27th. The aerospace company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.03 by $0.18. The company had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.70 billion. L-3 Communications Holdings had a net margin of 6.44% and a return on equity of 14.15%. The business’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.88 EPS. Analysts predict that L-3 Communications Holdings, Inc. will post $8.87 earnings per share for the current year.
L-3 Communications Holdings declared that its board has approved a share buyback plan on Tuesday, May 9th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the aerospace company to reacquire up to 11.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed 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 is Tuesday, August 15th. This represents a $3.00 annualized dividend and a dividend yield of 1.68%. L-3 Communications Holdings’s dividend payout ratio is presently 33.82%.
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A number of brokerages have issued reports on LLL. Cowen and Company reiterated a “buy” rating and issued a $190.00 price target 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. Stifel Nicolaus restated a “hold” rating and issued a $175.00 target price (up from $170.00) on shares of L-3 Communications Holdings in a report on Sunday, July 30th. Jefferies Group LLC reaffirmed a “hold” rating and set a $175.00 price target on shares of L-3 Communications Holdings in a research note on Sunday, July 30th. Finally, Goldman Sachs Group, Inc. (The) raised 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 research report on Monday, August 7th. Nine research 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 related news, Chairman Michael T. Strianese sold 22,547 shares of the business’s stock in a transaction dated 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 document filed with the SEC, which is available through this link. Also, Director Claude R. Canizares sold 2,981 shares of the business’s stock in a transaction dated 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. Insiders sold a total of 70,622 shares of company stock worth $12,052,959 over the last quarter. Insiders own 2.90% of the company’s stock.
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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