Ericsson $ERIC Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC cut its holdings in Ericsson (NASDAQ:ERIC) by 13.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,535 shares of the communications equipment provider’s stock after selling 4,990 shares during the period. Cresset Asset Management LLC’s holdings in Ericsson were worth $249,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ERIC. Millennium Management LLC raised its position in Ericsson by 234.6% during the fourth quarter. Millennium Management LLC now owns 6,744,940 shares of the communications equipment provider’s stock worth $54,364,000 after acquiring an additional 4,729,207 shares during the last quarter. ABC Arbitrage SA purchased a new position in shares of Ericsson during the 1st quarter worth approximately $24,146,000. DigitalBridge Group Inc. raised its position in shares of Ericsson by 28.8% during the 4th quarter. DigitalBridge Group Inc. now owns 6,382,140 shares of the communications equipment provider’s stock worth $51,440,000 after purchasing an additional 1,427,386 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Ericsson by 176.7% during the 4th quarter. BNP Paribas Financial Markets now owns 1,328,099 shares of the communications equipment provider’s stock worth $10,704,000 after purchasing an additional 848,205 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Ericsson by 41.4% in the 4th quarter. Northern Trust Corp now owns 1,771,321 shares of the communications equipment provider’s stock valued at $14,277,000 after buying an additional 519,029 shares in the last quarter. 7.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded Ericsson from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Ericsson currently has a consensus rating of “Hold” and a consensus target price of $9.80.

Ericsson Stock Down 0.5%

ERIC opened at $7.89 on Wednesday. Ericsson has a 12 month low of $6.64 and a 12 month high of $8.99. The business has a 50-day moving average of $7.83 and a two-hundred day moving average of $8.03. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.09 and a quick ratio of 0.86. The stock has a market capitalization of $26.42 billion, a price-to-earnings ratio of 15.78, a price-to-earnings-growth ratio of 12.69 and a beta of 0.85.

Ericsson (NASDAQ:ERIC) last released its earnings results on Tuesday, July 15th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. Ericsson had a net margin of 7.06% and a return on equity of 21.17%. The business had revenue of $5.84 billion for the quarter, compared to analysts’ expectations of $60.54 billion. During the same period last year, the company earned ($3.34) earnings per share. The company’s quarterly revenue was down 6.2% on a year-over-year basis. On average, research analysts expect that Ericsson will post 0.48 earnings per share for the current year.

About Ericsson

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.