Capital Fund Management S.A. Acquires 329,216 Shares of Ericsson $ERIC

Key Points

• Capital Fund Management S.A. increased its stake in Ericsson by 86.1%, acquiring an additional 329,216 shares, bringing its total holdings to 711,557 shares worth approximately $5.52 million.
• Ericsson reported an earnings per share (EPS) of $0.14 for the last quarter, surpassing the expected $0.12, but experienced a 6.2% decline in year-over-year revenue.
• Wall Street analysts have downgraded Ericsson from a "strong-buy" to a "buy" rating, with an average price target of $9.80.

Capital Fund Management S.A. increased its position in shares of Ericsson (NASDAQ:ERIC - Free Report) by 86.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 711,557 shares of the communications equipment provider's stock after buying an additional 329,216 shares during the period. Capital Fund Management S.A.'s holdings in Ericsson were worth $5,522,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in ERIC. Federated Hermes Inc. acquired a new position in Ericsson during the first quarter worth $27,000. Pinnacle Bancorp Inc. acquired a new position in Ericsson during the first quarter worth $31,000. Minot DeBlois Advisors LLC acquired a new position in Ericsson during the fourth quarter worth $35,000. GeoWealth Management LLC acquired a new position in shares of Ericsson in the fourth quarter valued at $36,000. Finally, Wallace Advisory Group LLC acquired a new position in shares of Ericsson in the first quarter valued at $90,000. 7.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded shares of Ericsson from a "strong-buy" rating to a "buy" rating in a report on Saturday. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $9.80.

Ericsson Stock Performance

Shares of NASDAQ:ERIC traded up $0.03 on Wednesday, hitting $7.92. The company had a trading volume of 5,462,016 shares, compared to its average volume of 20,582,738. The stock has a 50 day moving average price of $7.83 and a 200 day moving average price of $8.03. The stock has a market cap of $26.50 billion, a price-to-earnings ratio of 15.83, a P/E/G ratio of 12.69 and a beta of 0.85. Ericsson has a 1-year low of $6.64 and a 1-year high of $8.99. The company has a current ratio of 1.09, a quick ratio of 0.86 and a debt-to-equity ratio of 0.35.

Ericsson (NASDAQ:ERIC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. The company had revenue of $5.84 billion during 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%. Ericsson'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) earnings per share. Analysts expect that Ericsson will post 0.48 EPS for the current year.

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.