ABC Arbitrage SA Lowers Holdings in Ericsson $ERIC

ABC Arbitrage SA cut its stake in Ericsson (NASDAQ:ERIC) by 37.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,209,815 shares of the communications equipment provider’s stock after selling 1,911,534 shares during the quarter. Ericsson accounts for about 2.6% of ABC Arbitrage SA’s investment portfolio, making the stock its 8th largest holding. ABC Arbitrage SA owned 0.10% of Ericsson worth $26,545,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. AQR Capital Management LLC grew its stake in shares of Ericsson by 7.5% during the 1st quarter. AQR Capital Management LLC now owns 134,891 shares of the communications equipment provider’s stock valued at $1,049,000 after purchasing an additional 9,362 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Ericsson in the first quarter worth approximately $126,000. Yousif Capital Management LLC boosted its holdings in shares of Ericsson by 17.0% in the second quarter. Yousif Capital Management LLC now owns 55,228 shares of the communications equipment provider’s stock worth $468,000 after buying an additional 8,010 shares during the last quarter. FNY Investment Advisers LLC grew its position in Ericsson by 1,050.0% during the second quarter. FNY Investment Advisers LLC now owns 575,000 shares of the communications equipment provider’s stock valued at $4,876,000 after buying an additional 525,000 shares during the period. Finally, RNC Capital Management LLC increased its holdings in Ericsson by 13.7% during the second quarter. RNC Capital Management LLC now owns 58,360 shares of the communications equipment provider’s stock valued at $495,000 after buying an additional 7,050 shares during the last quarter. 7.99% of the stock is owned by hedge funds and other institutional investors.

Ericsson Trading Down 0.7%

ERIC stock opened at $11.23 on Wednesday. The firm has a fifty day moving average price of $9.93 and a 200 day moving average price of $9.06. Ericsson has a fifty-two week low of $6.64 and a fifty-two week high of $11.38. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.08 and a current ratio of 1.29. The firm has a market cap of $37.84 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 1.98 and a beta of 0.94.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ERIC shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Ericsson in a research report on Monday, December 29th. Argus upgraded Ericsson to a “hold” rating in a research report on Monday, January 26th. Danske lowered Ericsson to a “hold” rating in a report on Wednesday, October 15th. Citigroup restated a “neutral” rating on shares of Ericsson in a research report on Friday, January 16th. Finally, Cfra Research raised Ericsson to a “hold” rating in a research report on Wednesday, October 15th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $10.40.

Ericsson Company Profile

Ericsson AB is a Swedish multinational telecommunications equipment and services company headquartered in Stockholm. Founded in 1876 by Lars Magnus Ericsson, the company designs, develops and sells infrastructure, software and services that enable mobile and fixed-line networks worldwide. Ericsson serves a global customer base that includes mobile network operators, enterprise customers and public-sector organizations across Europe, the Americas, Asia-Pacific, the Middle East and Africa.

The company’s core activities center on building and modernizing network infrastructure, with a particular focus on radio access networks (RAN), core network software, cloud-native solutions and network management systems.