Ericsson $ERIC Shares Sold by Graham Capital Management L.P.

Key Points

• Graham Capital Management L.P. has reduced its stake in Ericsson by 51.3%, now holding 83,802 shares worth approximately $650,000.
• In the first quarter, other institutional investors such as Northern Trust Corp and Jane Street Group LLC significantly increased their holdings in Ericsson, with increases of 106.6% and 113.0% respectively.
• Analysts show mixed sentiments on Ericsson, with a consensus rating of "Reduce" and a price target of $9.80, while Wall Street Zen upgraded the stock to a "strong-buy" rating.

Graham Capital Management L.P. lessened its stake in Ericsson (NASDAQ:ERIC - Free Report) by 51.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 83,802 shares of the communications equipment provider's stock after selling 88,114 shares during the period. Graham Capital Management L.P.'s holdings in Ericsson were worth $650,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Federated Hermes Inc. acquired a new stake in Ericsson in the 1st quarter worth about $27,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Ericsson in the first quarter worth approximately $31,000. Minot DeBlois Advisors LLC purchased a new stake in shares of Ericsson during the fourth quarter worth approximately $35,000. Wallace Advisory Group LLC purchased a new position in Ericsson in the 1st quarter valued at $90,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Ericsson by 692.4% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 12,456 shares of the communications equipment provider's stock worth $97,000 after purchasing an additional 10,884 shares during the last quarter. 7.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ERIC has been the topic of several research reports. Wall Street Zen raised shares of Ericsson from a "buy" rating to a "strong-buy" rating in a research note on Friday. BNP Paribas restated an "underperform" rating on shares of Ericsson in a report on Wednesday, September 3rd. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Ericsson presently has a consensus rating of "Reduce" and an average target price of $9.80.

Ericsson Stock Performance

ERIC traded down $0.11 on Monday, hitting $7.90. 10,901,260 shares of the company traded hands, compared to its average volume of 7,754,934. The company has a quick ratio of 0.86, a current ratio of 1.09 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $26.45 billion, a PE ratio of 15.80, a PEG ratio of 12.82 and a beta of 0.87. Ericsson has a 12-month low of $6.64 and a 12-month high of $8.99. The company has a 50 day moving average of $7.75 and a 200-day moving average of $8.04.

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

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.