Primecap Management Co. CA Lowers Stock Position in Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC)

Primecap Management Co. CA reduced its stake in Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) by 1.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,781,999 shares of the communications equipment provider’s stock after selling 490,500 shares during the quarter. Primecap Management Co. CA owned about 1.43% of Telefonaktiebolaget LM Ericsson (publ) worth $362,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of ERIC. Bank of Montreal Can grew its position in Telefonaktiebolaget LM Ericsson (publ) by 50,747.2% during the second quarter. Bank of Montreal Can now owns 13,557,885 shares of the communications equipment provider’s stock valued at $83,788,000 after acquiring an additional 13,531,221 shares during the last quarter. Hsbc Holdings PLC bought a new position in Telefonaktiebolaget LM Ericsson (publ) during the second quarter valued at approximately $17,940,000. Acadian Asset Management LLC bought a new position in Telefonaktiebolaget LM Ericsson (publ) during the second quarter valued at approximately $11,869,000. DigitalBridge Group Inc. grew its position in Telefonaktiebolaget LM Ericsson (publ) by 18.6% during the second quarter. DigitalBridge Group Inc. now owns 5,018,017 shares of the communications equipment provider’s stock valued at $30,961,000 after acquiring an additional 785,261 shares during the last quarter. Finally, Gateway Investment Advisers LLC grew its position in Telefonaktiebolaget LM Ericsson (publ) by 1,260.7% during the second quarter. Gateway Investment Advisers LLC now owns 630,541 shares of the communications equipment provider’s stock valued at $3,890,000 after acquiring an additional 584,201 shares during the last quarter. 7.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. StockNews.com upgraded shares of Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. raised their target price on shares of Telefonaktiebolaget LM Ericsson (publ) from $5.90 to $6.70 and gave the stock a “neutral” rating in a report on Monday, October 21st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $6.70.

Telefonaktiebolaget LM Ericsson (publ) Stock Performance

Shares of Telefonaktiebolaget LM Ericsson (publ) stock opened at $7.99 on Thursday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.19 and a quick ratio of 0.95. The business has a fifty day simple moving average of $7.94 and a two-hundred day simple moving average of $6.96. Telefonaktiebolaget LM Ericsson has a 12 month low of $4.77 and a 12 month high of $8.62.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last announced its quarterly earnings data on Tuesday, October 15th. The communications equipment provider reported $0.11 EPS for the quarter, beating the consensus estimate of $0.09 by $0.02. The business had revenue of $5.93 billion during the quarter, compared to analyst estimates of $5.73 billion. Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 13.31% and a negative net margin of 0.47%. On average, research analysts expect that Telefonaktiebolaget LM Ericsson will post 0.44 earnings per share for the current year.

About Telefonaktiebolaget LM Ericsson (publ)

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.