MELBOURNE, FL—Ross Niebergall, President of Aerojet Rocketdyne at L3Harris Technologies Inc. (NYSE:LHX), recently executed a stock sale valued at approximately $740,814. According to a Form 4 filing with the Securities and Exchange Commission, Niebergall sold 2,988 shares of L3Harris common stock at an average price of $247.93 per share on November 4, 2024. Following the transaction, Niebergall retains ownership of 10,340.16 shares in the company.
In other recent news, L3Harris Technologies has seen significant developments in its operations and financial performance. The company's Aerojet Rocketdyne rocket motor unit has boosted its output following substantial investments, overcoming a backlog and increasing its revenue to $598 million in the third quarter. This growth is due to a 23.6% rise from $482 million five years ago.
L3Harris also received upgraded stock ratings from BofA Securities, which revised its stance from Neutral to Buy, and from Jefferies, which maintained a Buy rating. This positive outlook is based on the company's robust third-quarter performance, revealing an acceleration in organic growth to 5%.
Truist Securities also increased its price target for L3Harris, reflecting an optimistic view following the company's strong third-quarter results for the year 2024. This performance was highlighted by record bookings and efficient cost management.
Amid these developments, L3Harris' subsidiary, Aerojet Rocketdyne, reported a significant surge in rocket motor production due to high global demand. The company's monthly production rate for GMLRS rockets has doubled recently, responding to the ongoing conflict in Ukraine and the need to replenish U.S. military stockpiles.
These recent developments reflect the company's potential for sustained growth and profitability in the coming years. However, there is still more work to be done to meet the high standards and demands of the industry, as expressed by Ross Niebergall, president of the Aerojet Rocketdyne segment.
InvestingPro Insights
L3Harris Technologies Inc. (NYSE:LHX) continues to demonstrate strong financial performance and market presence, as evidenced by recent InvestingPro data. The company's market capitalization stands at an impressive $46.86 billion, reflecting its significant position in the Aerospace & Defense industry.
InvestingPro Tips highlight L3Harris's commitment to shareholder value, noting that the company has raised its dividend for 23 consecutive years and maintained dividend payments for 54 years straight. This consistent dividend growth, coupled with a current dividend yield of 1.88%, underscores the company's financial stability and appeal to income-focused investors.
The company's revenue growth is noteworthy, with a 13.32% increase over the last twelve months as of Q3 2024, reaching $21.14 billion. This growth trajectory aligns with the InvestingPro Tip indicating that net income is expected to grow this year, suggesting continued financial health.
L3Harris's stock performance has been robust, with a one-year price total return of 35.98% as of the latest data. The stock is currently trading at 95.43% of its 52-week high, indicating strong investor confidence.
For readers seeking a deeper understanding of L3Harris's financial outlook, InvestingPro offers 10 additional tips, providing a comprehensive analysis of the company's prospects and market position.
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