Parallel Advisors LLC Boosts Stake in L-3 Communications Holdings, Inc. (LLL)
Parallel Advisors LLC lifted its stake in shares of L-3 Communications Holdings, Inc. (NYSE:LLL) by 56.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 961 shares of the aerospace company’s stock after buying an additional 347 shares during the period. Parallel Advisors LLC’s holdings in L-3 Communications were worth $178,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. Piedmont Investment Advisors LLC lifted its stake in shares of L-3 Communications by 4.2% during the third quarter. Piedmont Investment Advisors LLC now owns 28,903 shares of the aerospace company’s stock worth $5,446,000 after buying an additional 1,170 shares during the period. California Public Employees Retirement System lifted its stake in shares of L-3 Communications by 8.6% during the third quarter. California Public Employees Retirement System now owns 184,514 shares of the aerospace company’s stock worth $34,768,000 after buying an additional 14,614 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of L-3 Communications during the third quarter worth $3,927,000. Cubist Systematic Strategies LLC lifted its stake in shares of L-3 Communications by 51.2% during the third quarter. Cubist Systematic Strategies LLC now owns 5,313 shares of the aerospace company’s stock worth $1,001,000 after buying an additional 1,799 shares during the period. Finally, Highbridge Capital Management LLC acquired a new stake in shares of L-3 Communications during the third quarter worth $247,000. Institutional investors and hedge funds own 78.79% of the company’s stock.
In other L-3 Communications news, insider Michael T. Strianese sold 22,547 shares of L-3 Communications stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $186.40, for a total value of $4,202,760.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 67,639 shares of company stock valued at $12,818,253 in the last ninety days. 2.90% of the stock is owned by corporate insiders.
L-3 Communications (NYSE:LLL) last posted its earnings results on Thursday, October 26th. The aerospace company reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.03. The company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.68 billion. L-3 Communications had a net margin of 5.22% and a return on equity of 14.00%. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.88 earnings per share. equities analysts predict that L-3 Communications Holdings, Inc. will post 8.38 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, November 17th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $3.00 dividend on an annualized basis and a yield of 1.54%. L-3 Communications’s dividend payout ratio is presently 41.27%.
LLL has been the subject of several research reports. Stifel Nicolaus lifted their price objective on shares of L-3 Communications from $195.00 to $205.00 and gave the stock a “hold” rating in a research note on Friday, October 27th. Zacks Investment Research upgraded shares of L-3 Communications from a “hold” rating to a “buy” rating and set a $210.00 price objective for the company in a research note on Monday, October 2nd. Bank of America lifted their price objective on shares of L-3 Communications from $185.00 to $205.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 10th. Royal Bank of Canada reiterated a “hold” rating on shares of L-3 Communications in a research note on Sunday, October 8th. Finally, SunTrust Banks started coverage on shares of L-3 Communications in a research report on Monday, November 20th. They set a “buy” rating for the company. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $198.36.
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L-3 Communications 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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