Ross Niebergall, President of Aerojet Rocketdyne at L3Harris Technologies, Inc. (NYSE:LHX), has recently sold a significant amount of company stock. On October 2, 2024, Niebergall sold 2,988 shares at a price of $244.68 per share, totaling approximately $731,103.
The transaction was disclosed in a filing with the Securities and Exchange Commission. Following the sale, Niebergall continues to own 13,328.16 shares of L3Harris Technologies, which includes a fractional share acquired through the company's retirement plan. This detail was noted in the footnotes of the filing, indicating that the additional 0.07 shares were based on information provided by the plan's administrator as of September 27, 2024.
L3Harris Technologies, with its headquarters in Melbourne, Florida, is a leading technology innovator, providing solutions that connect, inform, and protect. The company operates in the aerospace and defense industry, specializing in search, detection, navigation, guidance, and aeronautical systems.
This recent stock sale by a high-ranking executive is of interest to investors who closely monitor insider transactions as indicators of corporate confidence and potential future stock performance. As of the last filing, Niebergall's remaining equity in the company represents his vested interest in the ongoing success of L3Harris Technologies.
In other recent news, L3Harris Technologies secured a $587.4 million contract from the U.S. Navy for new tactical jamming pods. This development aligns with the company's recent financial performance, including a 9% increase in non-GAAP earnings per share for the second quarter of 2024 and a substantial backlog of $32 billion. However, the company did not secure the High Accuracy Detection and Exploitation System contract from the US Army. Analyst firms have provided mixed reviews, with Jefferies maintaining a Buy rating while Morgan Stanley (NYSE:MS) downgraded the company's stock from Overweight to Equalweight.
L3Harris Technologies' CEO, Christopher E. Kubasik, has established a trading plan for exercising stock options and selling the corresponding shares, indicating a structured approach to managing his holdings in the company. The company also marked the first anniversary of its acquisition of Aerojet Rocketdyne, noting performance improvements and increased investment. These are among the recent developments within the company, providing investors with a snapshot of L3Harris Technologies' current status and recent activities.
InvestingPro Insights
To provide additional context to Ross Niebergall's recent stock sale, it's worth examining some key financial metrics and insights from InvestingPro for L3Harris Technologies (NYSE:LHX).
As of the latest data, L3Harris boasts a market capitalization of $46.08 billion, underlining its significant presence in the aerospace and defense sector. The company's revenue for the last twelve months as of Q2 2024 stood at $20.77 billion, with a notable revenue growth of 15.44% over the same period.
An InvestingPro Tip highlights that L3Harris has maintained dividend payments for an impressive 54 consecutive years, demonstrating a strong commitment to shareholder returns. This consistency aligns with the company's status as a prominent player in the Aerospace & Defense industry, another point emphasized by InvestingPro.
The stock's recent performance has been robust, with a one-year price total return of 47.69% as of the latest data. This strong performance is reflected in the fact that LHX is trading near its 52-week high, with its current price at 98.29% of that peak.
Investors should note that while the company's P/E ratio stands at 38.78, its forward-looking P/E ratio (adjusted) for the last twelve months as of Q2 2024 is lower at 26.97. This could suggest that the market expects improved earnings in the near future.
For those interested in a more comprehensive analysis, InvestingPro offers additional tips and insights. In fact, there are 11 more InvestingPro Tips available for L3Harris Technologies, providing a deeper dive into the company's financial health and market position.
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