Millennium Management LLC Has $22.90 Million Holdings in Ericsson $ERIC

Key Points

• Millennium Management LLC significantly reduced its stake in Ericsson, selling 3,793,611 shares and decreasing its ownership by 56.2% as of the first quarter.
• Ericsson reported a profit of $0.14 EPS for the last quarter, surpassing analysts' expectations of $0.12, despite a 6.2% decline in revenue year-over-year.
• Currently, institutional investors own 7.99% of Ericsson's stock, reflecting ongoing interest in the company from various large investors.

Millennium Management LLC lowered its position in shares of Ericsson (NASDAQ:ERIC - Free Report) by 56.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,951,329 shares of the communications equipment provider's stock after selling 3,793,611 shares during the quarter. Millennium Management LLC owned 0.09% of Ericsson worth $22,902,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Northern Trust Corp grew its position in Ericsson by 106.6% in the first quarter. Northern Trust Corp now owns 3,659,696 shares of the communications equipment provider's stock worth $28,399,000 after acquiring an additional 1,888,375 shares in the last quarter. ABC Arbitrage SA acquired a new position in Ericsson during the 1st quarter valued at $24,146,000. Two Sigma Advisers LP raised its stake in Ericsson by 21.2% during the 4th quarter. Two Sigma Advisers LP now owns 2,463,200 shares of the communications equipment provider's stock valued at $19,853,000 after purchasing an additional 431,300 shares during the last quarter. Jane Street Group LLC raised its stake in Ericsson by 113.0% during the 1st quarter. Jane Street Group LLC now owns 2,387,985 shares of the communications equipment provider's stock valued at $18,531,000 after purchasing an additional 1,266,788 shares during the last quarter. Finally, Trexquant Investment LP raised its stake in shares of Ericsson by 52.4% in the 1st quarter. Trexquant Investment LP now owns 1,653,514 shares of the communications equipment provider's stock valued at $12,831,000 after buying an additional 568,382 shares in the last quarter. 7.99% of the stock is owned by hedge funds and other institutional investors.

Ericsson Trading Up 0.9%

Shares of NASDAQ:ERIC traded up $0.07 during mid-day trading on Thursday, reaching $8.07. The stock had a trading volume of 10,909,848 shares, compared to its average volume of 9,677,377. The company has a current ratio of 1.09, a quick ratio of 0.86 and a debt-to-equity ratio of 0.35. The firm has a market cap of $27.02 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 12.80 and a beta of 0.87. The firm has a 50 day simple moving average of $7.68 and a two-hundred day simple moving average of $8.03. Ericsson has a twelve month low of $6.64 and a twelve month high of $8.99.

Ericsson (NASDAQ:ERIC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The communications equipment provider reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. The firm had revenue of $5.84 billion for the quarter, compared to the consensus estimate of $60.54 billion. Ericsson had a net margin of 7.06% and a return on equity of 21.17%. The business's quarterly revenue was down 6.2% on a year-over-year basis. During the same period last year, the company posted ($3.34) EPS. On average, research analysts predict that Ericsson will post 0.48 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ERIC has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Ericsson from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. BNP Paribas reissued an "underperform" rating on shares of Ericsson in a report on Wednesday, September 3rd. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Ericsson presently has a consensus rating of "Reduce" and an average target price of $9.80.

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.