Highbridge Capital Management LLC purchased a new position in shares of L-3 Communications Holdings, Inc. (NYSE:LLL) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,313 shares of the aerospace company’s stock, valued at approximately $247,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LLL. Acrospire Investment Management LLC purchased a new position in shares of L-3 Communications during the second quarter worth about $100,000. Bronfman E.L. Rothschild L.P. grew its holdings in shares of L-3 Communications by 103.1% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 654 shares of the aerospace company’s stock worth $109,000 after buying an additional 332 shares during the last quarter. Invictus RG purchased a new position in shares of L-3 Communications during the third quarter worth about $135,000. San Francisco Sentry Investment Group CA purchased a new position in shares of L-3 Communications during the second quarter worth about $171,000. Finally, NEXT Financial Group Inc grew its holdings in shares of L-3 Communications by 53.8% during the third quarter. NEXT Financial Group Inc now owns 1,012 shares of the aerospace company’s stock worth $190,000 after buying an additional 354 shares during the last quarter. 78.53% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Michael T. Strianese sold 22,547 shares of L-3 Communications stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $186.40, for a total transaction of $4,202,760.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 67,639 shares of company stock valued at $12,818,253. Insiders own 2.90% of the company’s stock.
L-3 Communications (NYSE:LLL) last posted its quarterly earnings results on Thursday, October 26th. The aerospace company reported $1.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.93 by $0.03. L-3 Communications had a net margin of 5.22% and a return on equity of 14.00%. The company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.68 billion. During the same period last year, the firm earned $1.88 EPS. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. equities analysts forecast that L-3 Communications Holdings, Inc. will post 8.38 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, November 17th were given a dividend of $0.75 per share. The ex-dividend date was Thursday, November 16th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.55%. L-3 Communications’s payout ratio is 41.27%.
A number of equities research analysts recently commented on LLL shares. Royal Bank of Canada set a $202.00 price objective on shares of L-3 Communications and gave the company a “hold” rating in a research report on Wednesday, November 15th. Stifel Nicolaus raised their price objective on shares of L-3 Communications from $195.00 to $205.00 and gave the company a “hold” rating in a research report on Friday, October 27th. Cowen restated a “buy” rating and issued a $200.00 price objective on shares of L-3 Communications in a research report on Friday, October 27th. SunTrust Banks started coverage on shares of L-3 Communications in a research report on Monday, November 20th. They issued a “buy” rating for the company. Finally, Zacks Investment Research upgraded shares of L-3 Communications from a “sell” rating to a “hold” rating in a research report on Tuesday, October 31st. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $198.36.
L-3 Communications 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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