Millennium Management LLC acquired a new position in shares of Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 469,401 shares of the communications equipment provider’s stock, valued at approximately $2,896,000.
A number of other institutional investors and hedge funds have also made changes to their positions in ERIC. GAMMA Investing LLC boosted its holdings in Telefonaktiebolaget LM Ericsson (publ) by 131.2% in the second quarter. GAMMA Investing LLC now owns 5,464 shares of the communications equipment provider’s stock valued at $34,000 after purchasing an additional 3,101 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Telefonaktiebolaget LM Ericsson (publ) in the first quarter valued at approximately $36,000. BOKF NA acquired a new position in Telefonaktiebolaget LM Ericsson (publ) in the second quarter valued at approximately $41,000. NBC Securities Inc. boosted its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 258.1% in the first quarter. NBC Securities Inc. now owns 10,744 shares of the communications equipment provider’s stock valued at $59,000 after acquiring an additional 7,744 shares during the period. Finally, Williams & Novak LLC acquired a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) in the second quarter valued at approximately $76,000. 7.99% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
ERIC has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price objective on Telefonaktiebolaget LM Ericsson (publ) from $5.58 to $5.90 and gave the stock a “neutral” rating in a research report on Monday, July 15th. StockNews.com lowered Telefonaktiebolaget LM Ericsson (publ) from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 8th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $5.90.
Telefonaktiebolaget LM Ericsson (publ) Stock Up 0.4 %
Shares of NASDAQ:ERIC opened at $7.54 on Tuesday. The stock’s 50-day moving average price is $7.32 and its two-hundred day moving average price is $6.38. The firm has a market cap of $25.13 billion, a price-to-earnings ratio of -7.62 and a beta of 0.83. The company has a current ratio of 1.14, a quick ratio of 0.90 and a debt-to-equity ratio of 0.39. Telefonaktiebolaget LM Ericsson has a 12-month low of $4.33 and a 12-month high of $7.83.
Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC – Get Free Report) last announced its earnings results on Friday, July 12th. The communications equipment provider reported $0.01 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.04). The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Telefonaktiebolaget LM Ericsson (publ) had a negative net margin of 14.13% and a positive return on equity of 11.39%. On average, research analysts forecast that Telefonaktiebolaget LM Ericsson will post 0.41 EPS for the current year.
Telefonaktiebolaget LM Ericsson (publ) Profile
Telefonaktiebolaget LM Ericsson (publ), together with its subsidiaries, provides mobile connectivity solutions for telcom operators and enterprise customers in various sectors in North America, Europe, Latin America, the Middle East, Africa, North East Asia, South East Asia, Oceania, and India. It operates in four segments: Networks; Cloud Software and Services; Enterprise; and Other.
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