Pioneer Investment Management Inc. Sells 952 Shares of L-3 Communications Holdings, Inc. (LLL)
Pioneer Investment Management Inc. reduced its stake in shares of L-3 Communications Holdings, Inc. (NYSE:LLL) by 1.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 92,267 shares of the aerospace company’s stock after selling 952 shares during the period. Pioneer Investment Management Inc.’s holdings in L-3 Communications Holdings were worth $15,416,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. Parallel Advisors LLC boosted its position in shares of L-3 Communications Holdings by 4.6% in the first quarter. Parallel Advisors LLC now owns 614 shares of the aerospace company’s stock valued at $103,000 after buying an additional 27 shares in the last quarter. FNY Partners Fund LP purchased a new position in shares of L-3 Communications Holdings during the first quarter valued at about $115,000. FNY Managed Accounts LLC purchased a new position in shares of L-3 Communications Holdings during the first quarter valued at about $141,000. Heritage Trust Co purchased a new position in shares of L-3 Communications Holdings during the first quarter valued at about $165,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. purchased a new position in shares of L-3 Communications Holdings during the first quarter valued at about $174,000. 81.21% of the stock is currently owned by institutional investors.
Shares of L-3 Communications Holdings, Inc. (NYSE LLL) opened at 183.29 on Friday. The company has a 50 day moving average of $172.85 and a 200 day moving average of $167.64. The stock has a market capitalization of $14.34 billion, a price-to-earnings ratio of 20.66 and a beta of 1.15. L-3 Communications Holdings, Inc. has a 52-week low of $132.38 and a 52-week high of $185.12.
L-3 Communications Holdings (NYSE:LLL) last issued its quarterly earnings results on Thursday, July 27th. The aerospace company reported $2.21 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 14.15% and a net margin of 6.44%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company earned $1.88 earnings per share. Analysts predict that L-3 Communications Holdings, Inc. will post $8.88 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 17th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Tuesday, August 15th. L-3 Communications Holdings’s dividend payout ratio (DPR) is 33.82%.
L-3 Communications Holdings declared that its board has initiated a share repurchase 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 usually an indication that the company’s leadership believes its shares are undervalued.
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LLL has been the topic of several recent research reports. Deutsche Bank AG boosted their price objective on shares of L-3 Communications Holdings from $175.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, April 28th. Cowen and Company reaffirmed a “buy” rating and set a $185.00 price target on shares of L-3 Communications Holdings in a research note on Thursday, July 20th. Drexel Hamilton raised shares of L-3 Communications Holdings from a “hold” rating to a “buy” rating in a research note on Tuesday. Goldman Sachs Group, Inc. (The) raised shares of L-3 Communications Holdings from a “buy” rating to a “conviction-buy” rating and upped their price target for the stock from $195.00 to $204.00 in a research note on Monday. Finally, Barclays PLC cut shares of L-3 Communications Holdings from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $165.00 to $175.00 in a research note on Monday, May 1st. Nine analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $182.08.
In related news, insider Michael T. Strianese sold 22,547 shares of L-3 Communications Holdings stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $168.04, for a total transaction of $3,788,797.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 67,641 shares of company stock worth $11,511,371 over the last three months. 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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