Jane Street Group LLC Has $18.53 Million Stake in Ericsson $ERIC

Key Points

• Jane Street Group LLC increased its holdings in Ericsson (NASDAQ:ERIC) by 113.0% in the first quarter, owning nearly 2.4 million shares valued at approximately $18.5 million.
• Several institutional investors have also increased their stakes in Ericsson, contributing to hedge funds and other institutions owning 7.99% of the company's stock.
• Ericsson reported $5.84 billion in revenue for the quarter, with an earnings per share of $0.14, surpassing analysts' expectations.

Jane Street Group LLC raised its holdings in shares of Ericsson (NASDAQ:ERIC - Free Report) by 113.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,387,985 shares of the communications equipment provider's stock after purchasing an additional 1,266,788 shares during the quarter. Jane Street Group LLC owned approximately 0.07% of Ericsson worth $18,531,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Federated Hermes Inc. acquired a new stake in Ericsson during the 1st quarter valued at $27,000. Pinnacle Bancorp Inc. acquired a new stake in Ericsson during the 1st quarter valued at $31,000. Wallace Advisory Group LLC acquired a new stake in Ericsson during the 1st quarter valued at $90,000. Caitong International Asset Management Co. Ltd lifted its holdings 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 valued at $97,000 after purchasing an additional 10,884 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Ericsson during the fourth quarter worth $105,000. Institutional investors and hedge funds own 7.99% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. BNP Paribas reissued an "underperform" rating on shares of Ericsson in a report on Wednesday, September 3rd. Wall Street Zen raised Ericsson from a "buy" rating to a "strong-buy" rating in a report on Friday, September 5th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $9.80.

Ericsson Price Performance

ERIC stock traded up $0.07 during midday trading on Thursday, reaching $8.07. The company had a trading volume of 10,909,848 shares, compared to its average volume of 9,677,377. The company has a market capitalization of $27.02 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 12.80 and a beta of 0.87. The stock has a 50 day moving average price of $7.68 and a 200-day moving average price of $8.03. Ericsson has a 1-year low of $6.64 and a 1-year high of $8.99. 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 (NASDAQ:ERIC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The communications equipment provider reported $0.14 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. The business had revenue of $5.84 billion during the quarter, compared to the consensus estimate of $60.54 billion. Ericsson had a return on equity of 21.17% and a net margin of 7.06%.Ericsson's revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($3.34) earnings per share. Equities research analysts expect that Ericsson will post 0.48 earnings per share for the current year.

About Ericsson

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.