Ericsson $ERIC Stock Holdings Decreased by Hotchkis & Wiley Capital Management LLC

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Ericsson by 1.8%, owning approximately 108 million shares valued at around $839 million, making it the firm's third largest position.
• Wells Fargo & Company raised its stake in Ericsson by 105.2%, while other institutional investors also increased their holdings during the same period.
• Ericsson's stock rating was downgraded from "strong-buy" to "buy" by Wall Street Zen, with an average consensus price target of $9.80.

Hotchkis & Wiley Capital Management LLC cut its holdings in Ericsson (NASDAQ:ERIC - Free Report) by 1.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 108,167,847 shares of the communications equipment provider's stock after selling 1,998,744 shares during the period. Ericsson accounts for about 2.8% of Hotchkis & Wiley Capital Management LLC's portfolio, making the stock its 3rd largest holding. Hotchkis & Wiley Capital Management LLC owned approximately 3.25% of Ericsson worth $839,382,000 at the end of the most recent quarter.

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

Ericsson Stock Up 0.3%

Shares of Ericsson stock traded up $0.02 during trading hours on Wednesday, reaching $7.91. 6,682,742 shares of the company were exchanged, compared to its average volume of 20,592,367. Ericsson has a 1 year low of $6.64 and a 1 year high of $8.99. The stock's fifty day moving average is $7.83 and its 200 day moving average is $8.03. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.86 and a current ratio of 1.09. The firm has a market cap of $26.48 billion, a PE ratio of 15.82, a PEG ratio of 12.69 and a beta of 0.85.

Ericsson (NASDAQ:ERIC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The communications equipment provider reported $0.14 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.02. Ericsson had a return on equity of 21.17% and a net margin of 7.06%.The business had revenue of $5.84 billion for the quarter, compared to analyst estimates of $60.54 billion. During the same quarter in the prior year, the company earned ($3.34) earnings per share. The company's revenue was down 6.2% on a year-over-year basis. As a group, equities research analysts forecast that Ericsson will post 0.48 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Ericsson from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $9.80.

Ericsson Company 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.