AlphaCore Capital LLC Invests $361,000 in Ericsson (NASDAQ:ERIC)

Key Points

• AlphaCore Capital LLC acquired 46,473 shares of Ericsson, totaling about $361,000, during the 1st quarter.
• JPMorgan Chase & Co. significantly increased its stake in Ericsson by 55.1%, now holding over 1.79 million shares worth approximately $14.5 million.
• Ericsson reported a net margin of 7.06% and exceeded analysts’ earnings expectations with $0.14 EPS for the quarter, despite a 6.2% revenue decline year-over-year.

AlphaCore Capital LLC purchased a new stake in shares of Ericsson (NASDAQ:ERIC - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 46,473 shares of the communications equipment provider's stock, valued at approximately $361,000.

Other hedge funds also recently made changes to their positions in the company. Federated Hermes Inc. bought a new position in shares of Ericsson during the first quarter valued at approximately $27,000. Pinnacle Bancorp Inc. bought a new stake in Ericsson in the first quarter valued at $31,000. Minot DeBlois Advisors LLC bought a new stake in Ericsson in the fourth quarter valued at $35,000. GeoWealth Management LLC bought a new stake in Ericsson in the fourth quarter valued at $36,000. Finally, Wallace Advisory Group LLC bought a new stake in Ericsson in the first quarter valued at $90,000. 7.99% of the stock is owned by hedge funds and other institutional investors.

Ericsson Trading Down 0.7%

NASDAQ:ERIC traded down $0.06 during trading hours on Thursday, hitting $7.59. The company had a trading volume of 2,797,218 shares, compared to its average volume of 21,329,561. Ericsson has a 52 week low of $6.64 and a 52 week high of $8.99. The company has a market capitalization of $25.40 billion, a PE ratio of 15.17, a price-to-earnings-growth ratio of 12.18 and a beta of 0.85. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.09 and a quick ratio of 0.86. The stock has a 50-day moving average price of $7.96 and a 200 day moving average price of $8.02.

Ericsson (NASDAQ:ERIC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The communications equipment provider reported $0.14 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. The firm had revenue of $5.84 billion for the quarter, compared to analysts' expectations of $60.54 billion. Ericsson had a net margin of 7.06% and a return on equity of 21.17%. The company's quarterly revenue was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($3.34) EPS. On average, equities research analysts predict that Ericsson will post 0.48 EPS for the current fiscal year.

Analysts Set New Price Targets

ERIC has been the topic of several recent analyst reports. Kepler Capital Markets upgraded shares of Ericsson from a "strong sell" rating to a "hold" rating in a report on Wednesday, April 16th. Wall Street Zen upgraded shares of Ericsson from a "buy" rating to a "strong-buy" rating in a report on Thursday, April 17th.

Ericsson Profile

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.