Next on our list of morning gainers is Cisco Systems, Inc. (NASDAQ:CSCO), whose shares are up by 1.5% after a U.S. appeals court has ruled that it did not infringe a patent held by Commil USA. The resolution of the litigation, which lasted eight years, has reversed $64 million to the tech giant.
Cisco Systems registered a decrease in popularity among hedge funds, with 67 investors holding long positions versus 72 funds in the previous quarter. Donald Yacktman‘s Yacktman Asset Management is the largest shareholder with 36.11 million shares, valued at $948.0 million at the end of September, accounting for 6.2% of its 13F portfolio.
JPMorgan Chase & Co. (NYSE:JPM) shares are up by 1% as investors become more optimistic on news that some large depositors will benefit from January 2016 as the bank will increase the interest on the funds deposited. This decision follows the recent rate hike by the Federal Reserve. This strategy will also be implemented by some Canadians banks, which want to increase their U.S. deposits.
Hedge fund sentiment has stayed steady in JPMorgan Chase & Co. (NYSE:JPM), as the number of hedge funds long the stock remained unchanged at 100 at the end of the third quarter. However, these funds amassed only 3.40% of the company’s outstanding stock heading into the fourth quarter. Among those funds long the stock is Alex Snow‘s Lansdowne Partners, which owned 18,86 million shares at the end of September.
Finally, in our list of gaining assets is Honeywell International Inc. (NYSE:HON), whose shares have inched up by 1% after the company said it had received the approval to purchase Elster Group, a division of Melrose Industries. The $3.6 billion acquisition is expected to generate future growth and return capital to its shareholders.
Our data show that the company lost some popularity among the smart money investors, with the number of funds long Honeywell International Inc. (NYSE:HON) having decreased by three to 46 during the third quarter. Together they hold some 1.7% of the company’s common stock while First Eagle Investment Management is the largest shareholder, owning 2.84 million shares valued at $268.5 million as of the end of September.