Ross Niebergall, President of Aerojet Rocketdyne, a division of L3Harris Technologies (NYSE:LHX), recently sold 1,373 shares of the company's common stock. The shares were sold at a price of $210.06 each, amounting to 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 capitalization of nearly $40 billion, trades near its 52-week low of $200.18. According to InvestingPro data, the stock appears 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 through InvestingPro's detailed research reports, part of their coverage of over 1,400 US stocks.
In other recent news, L3Harris Technologies has seen multiple significant developments. The company reported an increase in the third quarter revenue to $598 million, largely due to a significant increase in rocket motor output. This financial highlight was accompanied by the retirement of board member General Peter W. Chiarelli, in line with the company's retirement policy.
In addition to these developments, CEO Christopher E. Kubasik has set a pre-arranged trading plan for exercising stock options and selling shares. This plan is set to commence in March 2025. Furthermore, L3Harris also secured a potential $999 million contract with the U.S. Navy for the provision of advanced communication technology.
The company also completed the Safety of Flight qualifications for its Viper Shield electronic warfare suite, designed for F-16 fighter jets. This advanced capability will be provided to the F-16 fleets of six international partners.
On the analyst front, firms including BofA Securities, Jefferies, and Truist Securities have upgraded L3Harris' stock and increased price targets, indicating confidence in the company's growth strategy. These are recent developments that provide a snapshot of the company's ongoing activities and performance.
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