Earnest Partners LLC Trims Holdings in Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC)

Earnest Partners LLC decreased its stake in shares of Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) by 2.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 367,933 shares of the communications equipment provider’s stock after selling 10,995 shares during the period. Earnest Partners LLC’s holdings in Telefonaktiebolaget LM Ericsson (publ) were worth $2,270,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 131.2% in the second quarter. GAMMA Investing LLC now owns 5,464 shares of the communications equipment provider’s stock worth $34,000 after buying an additional 3,101 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Telefonaktiebolaget LM Ericsson (publ) in the 1st quarter worth approximately $36,000. BOKF NA bought a new position in Telefonaktiebolaget LM Ericsson (publ) in the 2nd quarter valued at $41,000. Lake Street Advisors Group LLC purchased a new position in shares of Telefonaktiebolaget LM Ericsson (publ) during the 4th quarter valued at $64,000. Finally, NBC Securities Inc. increased its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 258.1% in the first quarter. NBC Securities Inc. now owns 10,744 shares of the communications equipment provider’s stock worth $59,000 after purchasing an additional 7,744 shares during the period. Institutional investors own 7.99% of the company’s stock.

Telefonaktiebolaget LM Ericsson (publ) Price Performance

ERIC opened at $7.70 on Friday. The company has a current ratio of 1.14, a quick ratio of 0.90 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $25.66 billion, a P/E ratio of -7.78 and a beta of 0.83. The stock has a 50-day moving average price of $7.12 and a 200-day moving average price of $6.20. Telefonaktiebolaget LM Ericsson has a 12-month low of $4.33 and a 12-month high of $7.83.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last issued its quarterly earnings results on Friday, July 12th. The communications equipment provider reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). The business had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.29 billion. Telefonaktiebolaget LM Ericsson (publ) had a negative net margin of 14.13% and a positive return on equity of 11.39%. Equities analysts predict that Telefonaktiebolaget LM Ericsson will post 0.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ERIC shares. JPMorgan Chase & Co. upped their target price on Telefonaktiebolaget LM Ericsson (publ) from $5.58 to $5.90 and gave the stock a “neutral” rating in a research note on Monday, July 15th. StockNews.com upgraded shares of Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Telefonaktiebolaget LM Ericsson (publ) currently has an average rating of “Hold” and a consensus price target of $5.90.

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.