L-3 Communications Holdings, Inc. (NYSE:LLL) was upgraded by equities researchers at Drexel Hamilton from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports.
Several other equities research analysts also recently issued reports on the company. Barclays PLC downgraded L-3 Communications Holdings from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $165.00 to $175.00 in a report on Monday, May 1st. Royal Bank Of Canada restated a “hold” rating and issued a $178.00 price target on shares of L-3 Communications Holdings in a report on Friday, June 2nd. Cowen and Company restated an “outperform” rating and issued a $185.00 price target on shares of L-3 Communications Holdings in a report on Wednesday, June 14th. Deutsche Bank AG upped their price objective on L-3 Communications Holdings from $175.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $170.00 price objective (up from $160.00) on shares of L-3 Communications Holdings in a research report on Saturday, April 29th. Nine investment 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 company presently has a consensus rating of “Buy” and an average target price of $182.08.
Shares of L-3 Communications Holdings (NYSE:LLL) opened at 181.73 on Tuesday. L-3 Communications Holdings has a 12 month low of $132.38 and a 12 month high of $182.15. The firm has a 50-day moving average price of $172.45 and a 200 day moving average price of $167.53. The firm has a market capitalization of $14.21 billion, a price-to-earnings ratio of 20.49 and a beta of 1.15.
L-3 Communications Holdings (NYSE:LLL) last announced its quarterly earnings results on Thursday, July 27th. The aerospace company reported $2.21 earnings per share (EPS) for the quarter, topping the 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 during the quarter, compared to the consensus estimate of $2.70 billion. During the same period in the prior year, the company earned $1.88 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, analysts anticipate that L-3 Communications Holdings will post $8.88 EPS for the current fiscal year.
L-3 Communications Holdings declared that its Board of Directors has approved a stock repurchase plan on Tuesday, May 9th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the aerospace company to purchase up to 11.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.
In related news, insider Michael T. Strianese sold 22,547 shares of the stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $168.04, for a total transaction of $3,788,797.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 67,641 shares of company stock valued at $11,511,371 over the last three months. Insiders own 2.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of LLL. Vanguard Group Inc. boosted its position in shares of 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 period. BlackRock Inc. boosted its position in shares of 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 period. State Street Corp boosted its position in shares of 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 period. Alliancebernstein L.P. boosted its position in shares of 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 period. Finally, JPMorgan Chase & Co. boosted its position in shares of 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 period. 81.21% of the stock is owned by hedge funds and other institutional investors.
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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