Ross Niebergall, president of Aerojet Rocketdyne, a division of L3Harris Technologies (NYSE: ), recently sold 1,373 shares of the company’s common stock. The shares were sold at a price of $210.06 each, for a total transaction value of $288,412. Following this sale, Niebergall retains ownership of 5,049.16 shares in the company. The sale comes as L3Harris, with a market cap of nearly $40 billion, is trading near a 52-week low of $200.18. According to InvestingPro According to the data, the stock appears to be oversold based on technical indicators, while maintaining its impressive 23-year streak of consecutive dividend increases. With analyst targets suggesting potential upside and 12 additional exclusive ProTips available, investors can access comprehensive insider trading analysis and fair value estimates via InvestingPro’s detailed research reports, part of their coverage of more than 1,400 US stocks.
In other recent news, L3Harris Technologies has seen several notable developments. The company reported an increase in third-quarter revenue to $598 million, largely due to a significant increase in rocket engine production. This financial highlight was accompanied by the retirement of Board Member General Peter W. Chiarelli, in accordance with the company’s retirement policy.
With this development, CEO Christopher E. Kubasik set up a prearranged trading plan to exercise stock options and sell shares. This plan is scheduled to begin in March 2025. Furthermore, L3Harris has also secured a potential $999 million contract with the US Navy to provide advanced communications technology.
The company also completed flight safety qualifications for its Viper Shield electronic warfare suite, designed for F-16 fighter jets. This advanced capability will be provided by the F-16 fleets of six international partners.
As for analysts, firms including BofA Securities, Jefferies and Truist Securities upgraded shares of L3Harris and raised their price targets, indicating confidence in the company’s growth strategy. These are recent developments that provide a brief overview of the company’s ongoing activities and performance.
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