National Asset Management Inc. lowered its stake in shares of Ericsson (NASDAQ:ERIC) by 4.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 44,733 shares of the communications equipment provider’s stock after selling 2,004 shares during the period. National Asset Management Inc.’s holdings in Ericsson were worth $298,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the stock. OLD National Bancorp IN raised its stake in Ericsson by 8.1% in the first quarter. OLD National Bancorp IN now owns 15,786 shares of the communications equipment provider’s stock valued at $105,000 after buying an additional 1,181 shares during the last quarter. Stephens Inc. AR raised its stake in Ericsson by 5.0% in the first quarter. Stephens Inc. AR now owns 25,964 shares of the communications equipment provider’s stock valued at $172,000 after buying an additional 1,227 shares during the last quarter. Global X Management Co. LLC raised its stake in Ericsson by 1.2% in the first quarter. Global X Management Co. LLC now owns 166,784 shares of the communications equipment provider’s stock valued at $1,107,000 after buying an additional 1,940 shares during the last quarter. Eventide Asset Management LLC raised its stake in Ericsson by 4.3% in the fourth quarter. Eventide Asset Management LLC now owns 48,000 shares of the communications equipment provider’s stock valued at $280,000 after buying an additional 2,000 shares during the last quarter. Finally, World Asset Management Inc raised its stake in Ericsson by 1.6% in the first quarter. World Asset Management Inc now owns 191,289 shares of the communications equipment provider’s stock valued at $1,270,000 after buying an additional 3,093 shares during the last quarter. 8.08% of the stock is owned by institutional investors and hedge funds.
Shares of Ericsson (NASDAQ ERIC) traded down 0.57% during trading on Tuesday, reaching $7.02. 5,326,545 shares of the company traded hands. Ericsson has a 1-year low of $4.83 and a 1-year high of $8.04. The stock’s 50 day moving average is $6.89 and its 200 day moving average is $6.31. The company’s market capitalization is $22.97 billion.
Ericsson (NASDAQ:ERIC) last issued its quarterly earnings data on Tuesday, April 25th. The communications equipment provider reported ($0.27) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.30. Ericsson had a negative net margin of 4.93% and a negative return on equity of 1.32%. The firm had revenue of $46.40 billion during the quarter, compared to analysts’ expectations of $47.36 billion. During the same quarter in the prior year, the firm posted $0.87 EPS. Ericsson’s quarterly revenue was down 11.1% compared to the same quarter last year. On average, analysts forecast that Ericsson will post $0.32 EPS for the current year.
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Several research firms have commented on ERIC. Societe Generale began coverage on shares of Ericsson in a research report on Wednesday, June 14th. They set a “hold” rating for the company. Credit Suisse Group upgraded shares of Ericsson from an “underperform” rating to a “neutral” rating in a report on Wednesday, April 12th. Sanford C. Bernstein upgraded shares of Ericsson from a “market perform” rating to an “outperform” rating in a report on Wednesday, March 29th. Goldman Sachs Group, Inc. (The) upgraded shares of Ericsson from a “sell” rating to a “buy” rating and upped their price objective for the company from $5.70 to $7.80 in a report on Thursday, March 9th. Finally, Bank of America Corporation restated a “buy” rating on shares of Ericsson in a report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $6.19.
Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.
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