Summit Securities Group LLC Grows Holdings in Ericsson $ERIC

Key Points

• Summit Securities Group LLC increased its stake in Ericsson by 200.1% during the first quarter, acquiring an additional 137,930 shares, which makes it the 24th largest holding in their portfolio.
• Other institutional investors, including Millennium Management LLC and ABC Arbitrage SA, also significantly increased their holdings in Ericsson, contributing to a total institutional ownership of 7.99%.
• Ericsson reported a quarterly earnings per share (EPS) of $0.14, surpassing analyst estimates, although its revenue experienced a 6.2% year-over-year decline.

Summit Securities Group LLC lifted its position in shares of Ericsson (NASDAQ:ERIC - Free Report) by 200.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 206,859 shares of the communications equipment provider's stock after purchasing an additional 137,930 shares during the quarter. Ericsson accounts for 0.3% of Summit Securities Group LLC's investment portfolio, making the stock its 24th largest holding. Summit Securities Group LLC's holdings in Ericsson were worth $1,605,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ERIC. Millennium Management LLC raised its holdings in Ericsson by 234.6% during the fourth quarter. Millennium Management LLC now owns 6,744,940 shares of the communications equipment provider's stock worth $54,364,000 after buying an additional 4,729,207 shares during the last quarter. ABC Arbitrage SA bought a new stake in shares of Ericsson during the first quarter worth about $24,146,000. DigitalBridge Group Inc. increased its position in shares of Ericsson by 28.8% during the fourth quarter. DigitalBridge Group Inc. now owns 6,382,140 shares of the communications equipment provider's stock worth $51,440,000 after acquiring an additional 1,427,386 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Ericsson by 176.7% in the 4th quarter. BNP Paribas Financial Markets now owns 1,328,099 shares of the communications equipment provider's stock worth $10,704,000 after acquiring an additional 848,205 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in Ericsson by 196.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,177,361 shares of the communications equipment provider's stock valued at $9,490,000 after acquiring an additional 779,639 shares in the last quarter. 7.99% of the stock is currently owned by institutional investors.

Ericsson Stock Up 0.4%

ERIC traded up $0.03 during midday trading on Wednesday, reaching $7.72. 6,457,091 shares of the company were exchanged, compared to its average volume of 20,956,809. The company has a market cap of $25.85 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 12.31 and a beta of 0.85. Ericsson has a one year low of $6.64 and a one year high of $8.99. The company's fifty day moving average price is $7.89 and its 200 day moving average price is $8.02. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.86 and a current ratio of 1.09.

Ericsson (NASDAQ:ERIC - Get Free Report) last posted its earnings results on Tuesday, July 15th. The communications equipment provider reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 21.17% and a net margin of 7.06%.The company's revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the company earned ($3.34) earnings per share. As a group, analysts expect that Ericsson will post 0.48 EPS 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.