Ross Niebergall, President of Aerojet Rocketdyne, a subsidiary of L3Harris Technologies Inc. (NYSE:LHX), recently sold 1,764 shares of common stock. L3Harris, with a market capitalization of $40.6 billion and impressive revenue growth of 13.32% over the last twelve months, currently trades at $213.38 per share. According to InvestingPro analysis, the stock appears undervalued at current levels. The transaction took place on December 16, 2024, at a price of $223.62 per share, totaling approximately $394,465. Following this sale, Niebergall holds 8,576.16 shares directly. The sale was conducted under a pre-arranged trading plan, as indicated in the filing with the Securities and Exchange Commission. The stock, which offers a 2.12% dividend yield, has maintained dividend payments for 54 consecutive years. InvestingPro subscribers can access 10 additional key insights and a comprehensive Pro Research Report, part of the platform's coverage of 1,400+ US equities.
In other recent news, L3Harris Technologies' CEO Christopher E. Kubasik has established a trading plan for exercising stock options and selling shares, according to a regulatory filing with the Securities and Exchange Commission. The company also secured a significant contract with the U.S. Navy, potentially worth $999 million, for the provision of advanced communication technology. Additionally, L3Harris has completed the Safety of Flight qualifications for its Viper Shield electronic warfare suite for F-16 fighter jets, to be provided to six international partners.
The company's Aerojet Rocketdyne segment reported a revenue increase to $598 million in the third quarter, attributed to a significant increase in rocket motor output. Analyst firms BofA Securities, Jefferies, and Truist Securities have shown confidence in L3Harris' growth strategy, upgrading the company's stock and increasing price targets. These are recent developments that highlight the company's ongoing efforts and accomplishments.
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