Wells Fargo & Company MN lifted its holdings in shares of Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) by 17.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 939,463 shares of the communications equipment provider’s stock after buying an additional 138,369 shares during the period. Wells Fargo & Company MN’s holdings in Telefonaktiebolaget LM Ericsson were worth $8,925,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of Telefonaktiebolaget LM Ericsson by 124.1% during the first quarter. FMR LLC now owns 11,266,731 shares of the communications equipment provider’s stock worth $103,429,000 after purchasing an additional 6,239,848 shares during the last quarter. FIL Ltd acquired a new position in shares of Telefonaktiebolaget LM Ericsson during the first quarter worth about $2,328,000. Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Telefonaktiebolaget LM Ericsson during the second quarter worth about $1,900,000. Systematic Financial Management LP purchased a new stake in shares of Telefonaktiebolaget LM Ericsson during the first quarter worth about $1,208,000. Finally, Picton Mahoney Asset Management increased its position in shares of Telefonaktiebolaget LM Ericsson by 43.4% during the second quarter. Picton Mahoney Asset Management now owns 405,200 shares of the communications equipment provider’s stock worth $3,850,000 after acquiring an additional 122,700 shares during the last quarter. 8.13% of the stock is owned by hedge funds and other institutional investors.

ERIC stock traded down $0.02 during midday trading on Friday, reaching $8.10. The company’s stock had a trading volume of 196,362 shares, compared to its average volume of 6,532,405. Telefonaktiebolaget LM Ericsson has a 52 week low of $7.58 and a 52 week high of $10.46. The stock has a market cap of $26.81 billion, a PE ratio of 270.33 and a beta of 0.53. The company has a quick ratio of 1.11, a current ratio of 1.42 and a debt-to-equity ratio of 0.48. The business’s 50-day simple moving average is $8.33 and its 200-day simple moving average is $9.25.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last announced its quarterly earnings results on Wednesday, July 17th. The communications equipment provider reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). Telefonaktiebolaget LM Ericsson had a return on equity of 6.37% and a net margin of 0.16%. The firm had revenue of $54.80 billion for the quarter, compared to the consensus estimate of $53.25 billion. During the same period in the prior year, the business earned ($0.09) earnings per share. The company’s revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, equities analysts forecast that Telefonaktiebolaget LM Ericsson will post 0.36 earnings per share for the current fiscal year.

A number of brokerages have commented on ERIC. TheStreet downgraded Telefonaktiebolaget LM Ericsson from a “b” rating to a “c” rating in a research note on Monday, August 19th. Cowen restated a “hold” rating and issued a $9.00 target price on shares of Telefonaktiebolaget LM Ericsson in a research report on Friday, July 19th. ValuEngine downgraded Telefonaktiebolaget LM Ericsson from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Santander cut Telefonaktiebolaget LM Ericsson from a “buy” rating to a “hold” rating in a report on Monday, July 1st. Finally, Bank of America raised Telefonaktiebolaget LM Ericsson from a “neutral” rating to a “buy” rating and set a $9.85 price target on the stock in a report on Wednesday, May 22nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $9.89.

Telefonaktiebolaget LM Ericsson Company Profile

Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for service providers. It operates through four segments: Networks, Digital Services, Managed Services, and Emerging Business and Other. The Networks segment provides mobile radio access networks, transport solutions, and site solutions, as well as related services, such as network rollout, network tuning, and customer support.

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Institutional Ownership by Quarter for Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC)

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