Envestnet Asset Management Inc. reduced its stake in Ericsson (NASDAQ:ERIC - Free Report) by 13.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,019,814 shares of the communications equipment provider's stock after selling 157,547 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Ericsson were worth $7,914,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in Ericsson by 55.1% in the 4th quarter. JPMorgan Chase & Co. now owns 1,795,967 shares of the communications equipment provider's stock valued at $14,475,000 after acquiring an additional 638,393 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Ericsson by 7.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 25,231 shares of the communications equipment provider's stock valued at $196,000 after acquiring an additional 1,713 shares in the last quarter. Northern Trust Corp lifted its position in Ericsson by 41.4% in the 4th quarter. Northern Trust Corp now owns 1,771,321 shares of the communications equipment provider's stock valued at $14,277,000 after acquiring an additional 519,029 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Ericsson by 15.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 252,164 shares of the communications equipment provider's stock valued at $2,032,000 after acquiring an additional 32,982 shares in the last quarter. Finally, Cetera Investment Advisers lifted its position in Ericsson by 157.8% in the 4th quarter. Cetera Investment Advisers now owns 93,134 shares of the communications equipment provider's stock valued at $751,000 after acquiring an additional 57,003 shares in the last quarter. 7.99% of the stock is owned by institutional investors.
Analysts Set New Price Targets
ERIC has been the topic of several research reports. JPMorgan Chase & Co. boosted their price objective on shares of Ericsson from $8.90 to $9.80 and gave the company a "neutral" rating in a research report on Friday, April 11th. Kepler Capital Markets upgraded shares of Ericsson from a "strong sell" rating to a "hold" rating in a research note on Wednesday, April 16th. Finally, Wall Street Zen upgraded shares of Ericsson from a "buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th.
View Our Latest Research Report on Ericsson
Ericsson Stock Up 0.3%
ERIC stock traded up $0.02 during midday trading on Friday, hitting $7.49. The company's stock had a trading volume of 11,750,255 shares, compared to its average volume of 22,464,260. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.09 and a quick ratio of 0.86. Ericsson has a twelve month low of $6.41 and a twelve month high of $8.99. The company's fifty day moving average price is $8.27 and its 200 day moving average price is $8.11. The stock has a market capitalization of $25.08 billion, a P/E ratio of 14.98, a PEG ratio of 12.16 and a beta of 0.93.
Ericsson (NASDAQ:ERIC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. Ericsson had a net margin of 7.06% and a return on equity of 21.17%. The firm had revenue of $5.84 billion for the quarter, compared to analyst estimates of $60.54 billion. During the same period in the previous year, the business earned ($3.34) EPS. The company's revenue was down 6.2% compared to the same quarter last year. As a group, equities research analysts predict that Ericsson will post 0.48 EPS for the current year.
Ericsson Company Profile
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Free Report)
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.
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