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Ross Niebergall, President of Aerojet Rocketdyne, a subsidiary of L3Harris Technologies Inc. (NYSE:LHX), recently sold a significant portion of his holdings in the company. The transaction, which took place on December 23, 2024, involved the sale of 1,764 shares of common stock at a price of $213.65 per share, amounting to a total of $376,878. L3Harris, with a market capitalization of $40.3 billion, has shown resilience with a 3.5% year-to-date return and maintains a "FAIR" financial health rating according to InvestingPro analysis.
Following the sale, Niebergall retains ownership of 6,812.16 shares. Additionally, there were other transactions reported on December 24, 2024, involving the disposition of shares at no cost, which did not involve any monetary exchange. These transactions, however, did not affect the overall value of Niebergall's holdings. According to InvestingPro's Fair Value analysis, L3Harris currently appears undervalued, with analyst targets ranging from $206 to $324 per share. Discover detailed valuation metrics and 15+ additional ProTips with a comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, L3Harris Technologies, Inc. CEO Christopher E. Kubasik has established a trading plan for exercising stock options and selling shares. This plan comes into effect starting March 2025. In the same period, L3Harris Technologies secured a significant contract with the U.S. Navy, potentially worth $999 million, and successfully completed the Safety of Flight qualifications for its Viper Shield electronic warfare suite. This advanced capability will be provided to the F-16 fleets of six international partners.
On the financial front, L3Harris' Aerojet Rocketdyne segment reported a revenue increase to $598 million in the third quarter. Analyst firms BofA Securities, Jefferies, and Truist Securities have shown confidence in the company's growth strategy, upgrading L3Harris' stock and increasing price targets. These are the recent developments surrounding L3Harris Technologies, which operates in the aerospace and defense technology sector.
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