Christopher E. Kubasik, the Chair and CEO of L3Harris Technologies, Inc. (NYSE:LHX), has made significant transactions in the company's stock, according to a recent SEC filing. On May 31 and June 4, Kubasik sold a total of 51,190 shares of L3Harris Technologies, with the sales amounting to over $11 million.
The transactions occurred at weighted average prices that varied between $222.45 and $225.7, with prices ranging from $220.00 to $226.72 for the different sales. Specifically, on May 31, Kubasik sold 25,000 shares at an average price of $222.45, and on June 4, he sold another 26,190 shares at an average of $225.70.
In addition to the sales, Kubasik also acquired 51,190 shares through the exercise of options on the same dates. These transactions were made at a set price of $89.39 per share, totaling approximately $4.58 million.
Following these transactions, Kubasik's direct ownership in the company stands at 120,325.66 shares. Additionally, the SEC filing revealed indirect ownership of 38,978 shares held by a grantor retained annuity trust.
L3Harris Technologies, headquartered in Melbourne, Florida, operates in the aerospace and defense technology industry. The company has been a key player in providing advanced defense and commercial technologies across air, land, sea, space, and cyber domains.
Investors often monitor insider transactions as they can provide insights into the company's performance and executives' confidence in the business. The recent activity by L3Harris's CEO will likely be of interest to current and potential shareholders as they assess the company's stock performance and future prospects.
InvestingPro Insights
L3Harris Technologies, Inc. (NYSE:LHX) has shown a consistent commitment to shareholder returns, as highlighted by the InvestingPro Tips that the company has raised its dividend for 22 consecutive years and has maintained dividend payments for 54 consecutive years. This demonstrates a strong track record of financial stability and shareholder value, which could be a reassuring sign for investors following the CEO's recent stock transactions.
InvestingPro Data underlines the company's robust financial health, with a significant market capitalization of 43.01 billion USD and a revenue growth of 15.66% over the last twelve months as of Q1 2024. Additionally, the company's stock is trading near its 52-week high, at 99.87% of this peak, a potential indicator of market confidence in L3Harris Technologies.
Moreover, the company's P/E ratio stands at 36.58, which, although suggesting a higher valuation, is complemented by a forecast of net income growth this year. This could indicate that investors are willing to pay a premium for anticipated earnings expansion.
For investors seeking more insights and tips on L3Harris Technologies, InvestingPro offers additional metrics and analysis. There are 11 more InvestingPro Tips available that could further inform investment decisions. To access these insights, consider subscribing to InvestingPro and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.