L3Harris Technologies Sees Increased Institutional Support Amid Earnings Beat
NewEdge Advisors LLC has increased its stake in L3Harris Technologies Inc (NYSE:LHX) by 25.7% during the first quarter, according to a recent filing with the SEC.
The fund now owns 38,662 shares of the company's stock after purchasing an additional 7,896 shares during the quarter. The total value of NewEdge Advisors LLC's holdings in L3Harris Technologies was $13,344,000 at the end of the most recent reporting period.
This is not an isolated instance; several other hedge funds and institutional investors have also increased their stakes in the company. Allstate Corp grew its position in shares of L3Harris Technologies by 106.7% during the fourth quarter, while Swiss National Bank boosted its stake by 7.1%.
L3Harris Technologies reported $3.13 earnings per share for the second quarter, beating analysts' consensus estimates by $0.33. The company's revenue for the quarter was up 8.4% year-over-year to $5.88 billion.