Korea Investment CORP Reduces Position in L-3 Communications Holdings, Inc. (NYSE:LLL)
Korea Investment CORP lowered its position in shares of L-3 Communications Holdings, Inc. (NYSE:LLL) by 16.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,417 shares of the aerospace company’s stock after selling 9,979 shares during the period. Korea Investment CORP’s holdings in L-3 Communications Holdings were worth $8,424,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in 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 valued at $1,342,901,000 after buying an additional 505,941 shares during the last quarter. BlackRock Inc. raised its stake in 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 valued at $895,943,000 after buying an additional 5,263,373 shares during the last quarter. State Street Corp raised its stake in 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 valued at $607,919,000 after buying an additional 132,410 shares during the last quarter. Alliancebernstein L.P. raised its stake in 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 valued at $383,372,000 after buying an additional 2,318,040 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in 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 valued at $351,390,000 after buying an additional 655,592 shares during the last quarter. Hedge funds and other institutional investors own 81.21% of the company’s stock.
Shares of L-3 Communications Holdings, Inc. (LLL) opened at 181.73 on Thursday. L-3 Communications Holdings, Inc. has a 12 month low of $132.38 and a 12 month high of $182.15. The company’s 50-day moving average price is $172.45 and its 200-day moving average price is $167.53. The company has a market cap of $14.21 billion, a P/E ratio of 20.49 and a beta of 1.15.
L-3 Communications Holdings (NYSE:LLL) last issued its quarterly earnings results on Thursday, July 27th. The aerospace company reported $2.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.18. L-3 Communications Holdings had a return on equity of 14.15% and a net margin of 6.44%. The company had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the prior year, the business earned $1.88 EPS. L-3 Communications Holdings’s revenue was up 2.6% on a year-over-year basis. Equities analysts forecast that L-3 Communications Holdings, Inc. will post $8.88 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 17th will be issued a dividend of $0.75 per share. The ex-dividend date is Tuesday, August 15th. This represents a $3.00 annualized dividend and a yield of 1.65%. L-3 Communications Holdings’s dividend payout ratio (DPR) is 33.82%.
L-3 Communications Holdings declared that its board has initiated a stock buyback program on Tuesday, May 9th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the aerospace company to purchase up to 11.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
Several analysts recently weighed in on the company. Jefferies Group LLC restated a “hold” rating and set a $175.00 price target on shares of L-3 Communications Holdings in a report on Sunday, July 30th. Goldman Sachs Group, Inc. (The) upgraded L-3 Communications Holdings from a “buy” rating to a “conviction-buy” rating and increased their price target for the company from $195.00 to $204.00 in a report on Monday. Royal Bank Of Canada restated a “hold” rating and set a $178.00 price target on shares of L-3 Communications Holdings in a report on Friday, June 2nd. Drexel Hamilton upgraded L-3 Communications Holdings from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Deutsche Bank AG increased their price target on L-3 Communications Holdings from $175.00 to $190.00 and gave the company a “buy” rating in a report on Friday, April 28th. Nine equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. L-3 Communications Holdings has a consensus rating of “Buy” and an average price target of $182.08.
In other news, Chairman Michael T. Strianese sold 22,547 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 67,641 shares of company stock worth $11,511,371. 2.90% of the stock is owned by company 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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