L3Harris executive sells over $700k in company stock

Ross Niebergall, President of Aerojet Rocketdyne at L3Harris Technologies, Inc. (NYSE:LHX), has recently sold a significant portion of his holdings in the company. On September 3, 2024, Niebergall sold 2,988 shares of L3Harris common stock, with each share priced at $236.68, resulting in a total transaction value of approximately $707,199.

Despite this sale, Niebergall still retains a substantial stake in the company, with 16,316.09 shares remaining in his possession after the transaction. This figure includes an additional 15.56 shares acquired through the company's retirement plan, as indicated by a footnote in the SEC filing.

L3Harris Technologies, a leading technology company specializing in aerospace and defense solutions, has seen its stock price fluctuate in the market, making the timing of such sales a point of interest for investors and market watchers.

The transaction was made public through a Form 4 filing with the Securities and Exchange Commission, which provides transparency into the trading activities of the company's insiders. It is standard practice for executives and other insiders to report their transactions in the company's stock, offering insights into their perspectives on the company's value and prospects.

Investors often monitor insider trading activity as part of their analysis, as it can sometimes provide signals about the company's future performance. However, it is important to note that insider transactions can be influenced by a variety of factors, including personal financial planning and diversification strategies, and may not necessarily reflect the individual's outlook on the company's future.

L3Harris Technologies continues to play a significant role in its industry, and its stock remains a closely watched security in the aerospace and defense sector.

In other recent news, L3Harris Technologies reported a 9% increase in non-GAAP earnings per share for the second quarter of 2024, along with a significant backlog of $32 billion. Despite missing the HADES contract from the US Army, the company remains well-positioned with ongoing projects such as the ATHENA-R contract. Jefferies reiterated a Buy rating for L3Harris, maintaining a stock price target of $275. However, Morgan Stanley downgraded the stock from Overweight to Equalweight, citing comparative industry analysis and recent financial developments. CEO Christopher E. Kubasik established a trading plan for exercising stock options and selling the corresponding shares. JPMorgan raised its price target for L3Harris to $276, based on the company's solid quarterly performance. The company also marked the first anniversary of its acquisition of Aerojet Rocketdyne, noting substantial performance improvements and increased investment in the subsidiary. These are the recent developments in L3Harris Technologies.

InvestingPro Insights

The recent insider sale by Ross Niebergall at L3Harris Technologies, Inc. (NYSE:LHX) coincides with the company's solid financial performance and optimistic analyst projections. According to InvestingPro data, L3Harris Technologies has a market capitalization of $44.18 billion and has been experiencing robust revenue growth, with a 15.44% increase over the last twelve months as of Q2 2024. This growth is further exemplified by a quarterly revenue growth of 12.91% in Q2 2024, showcasing the company's continued expansion in the aerospace and defense sector.

Moreover, the stock's P/E ratio stands at 37.01, with an adjusted P/E ratio for the last twelve months as of Q2 2024 at 25.79, which may indicate that the stock is trading at a reasonable value relative to its near-term earnings growth. The PEG ratio during the same period is 0.76, suggesting potential for future earnings growth to be factored into its current price.

InvestingPro Tips highlight that L3Harris Technologies has raised its dividend for 22 consecutive years and is expected to see net income growth this year. These factors may contribute to investor confidence and could be a signal of the company's strong financial health and commitment to shareholder returns. Additionally, 14 analysts have recently revised their earnings estimates upwards for the upcoming period, reinforcing the positive outlook on the company's performance.

For investors seeking more comprehensive analysis, there are additional InvestingPro Tips available for L3Harris Technologies, which can be found on the platform, providing a deeper dive into the company's financials and market position.

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