Ross Nebergall, 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 $210.06 per share, equating 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, which has a market capitalization of nearly $40 billion, is trading near its 52-week low of $200.18. according to InvestingPro According to the data, the stock appears to be oversold based on technical indicators, maintaining its impressive streak of 23 years of consecutive dividend increases. With analyst targets indicating potential upside and 12 additional exclusive ProTips available, investors can access comprehensive insider trading analysis and fair value estimates through InvestingPro Detailed research reports, part of its coverage of over 1,400 US stocks.
In other recent news, L3Harris Technologies has seen several important 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 milestone was accompanied by the retirement of Board Member General Peter W. Chiarelli, in keeping with the company's retirement policy.
In addition to these developments, CEO Christopher E. Copasic is a pre-arranged trading plan for exercising stock options and selling stock. 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 has also completed flight safety qualifications for the Viper Shield electronic warfare suite, designed for the F-16 fighter jet. 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 upgraded L3Harris shares and increased their price targets, signaling confidence in the company's growth strategy. These are recent developments that provide a snapshot of the company's activities and ongoing performance.
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