Millennium Management LLC Sells 3,793,611 Shares of Ericsson $ERIC

Millennium Management LLC cut its position in Ericsson (NASDAQ:ERIC) by 56.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,951,329 shares of the communications equipment provider’s stock after selling 3,793,611 shares during the quarter. Millennium Management LLC owned 0.09% of Ericsson worth $22,902,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Federated Hermes Inc. bought a new position in shares of Ericsson during the first quarter worth about $27,000. Pinnacle Bancorp Inc. bought a new position in shares of Ericsson during the first quarter worth about $31,000. Wallace Advisory Group LLC bought a new position in shares of Ericsson during the first quarter worth about $90,000. Caitong International Asset Management Co. Ltd raised its position in shares of Ericsson by 692.4% during the first quarter. Caitong International Asset Management Co. Ltd now owns 12,456 shares of the communications equipment provider’s stock worth $97,000 after acquiring an additional 10,884 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of Ericsson during the fourth quarter worth about $105,000. 7.99% of the stock is currently owned by institutional investors.

Ericsson Trading Down 1.6%

Shares of Ericsson stock opened at $7.92 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.86 and a current ratio of 1.09. Ericsson has a 52 week low of $6.64 and a 52 week high of $8.99. The stock has a 50 day moving average price of $7.71 and a two-hundred day moving average price of $8.03. The stock has a market capitalization of $26.52 billion, a PE ratio of 15.84, a price-to-earnings-growth ratio of 12.88 and a beta of 0.87.

Ericsson (NASDAQ:ERIC) last announced its quarterly earnings data on Tuesday, July 15th. The communications equipment provider reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. Ericsson had a return on equity of 21.17% and a net margin of 7.06%.The firm had revenue of $5.84 billion during the quarter, compared to analysts’ expectations of $60.54 billion. During the same quarter last year, the firm posted ($3.34) earnings per share. The company’s revenue for the quarter was down 6.2% compared to the same quarter last year. As a group, equities analysts anticipate that Ericsson will post 0.48 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. BNP Paribas restated an “underperform” rating on shares of Ericsson in a research report on Wednesday, September 3rd. Wall Street Zen upgraded Ericsson from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 5th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ericsson presently has a consensus rating of “Reduce” and a consensus price target of $9.80.

Ericsson 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.