Oppenheimer & Co. Inc. Reduces Position in Ericsson (NASDAQ:ERIC)

Oppenheimer & Co. Inc. trimmed its holdings in Ericsson (NASDAQ:ERIC - Free Report) by 32.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 238,674 shares of the communications equipment provider's stock after selling 113,095 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Ericsson were worth $1,852,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ERIC. Renaissance Technologies LLC increased its holdings in shares of Ericsson by 401.1% in the fourth quarter. Renaissance Technologies LLC now owns 13,607,012 shares of the communications equipment provider's stock worth $109,673,000 after purchasing an additional 10,891,451 shares during the last quarter. Millennium Management LLC grew its holdings in Ericsson by 234.6% during the 4th quarter. Millennium Management LLC now owns 6,744,940 shares of the communications equipment provider's stock valued at $54,364,000 after buying an additional 4,729,207 shares in the last quarter. National Bank of Canada FI bought a new stake in Ericsson in the 4th quarter worth approximately $23,440,000. Sei Investments Co. raised its holdings in shares of Ericsson by 55.0% during the 4th quarter. Sei Investments Co. now owns 4,808,322 shares of the communications equipment provider's stock worth $38,755,000 after acquiring an additional 1,705,246 shares in the last quarter. Finally, DigitalBridge Group Inc. boosted its position in shares of Ericsson by 28.8% during the 4th quarter. DigitalBridge Group Inc. now owns 6,382,140 shares of the communications equipment provider's stock valued at $51,440,000 after acquiring an additional 1,427,386 shares during the last quarter. 7.99% of the stock is currently owned by institutional investors.

Ericsson Trading Up 0.8%

Shares of NASDAQ:ERIC traded up $0.07 during trading on Tuesday, hitting $8.55. The company had a trading volume of 22,514,224 shares, compared to its average volume of 19,646,694. The stock has a market cap of $28.63 billion, a price-to-earnings ratio of 171.00, a price-to-earnings-growth ratio of 5.99 and a beta of 0.93. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.09 and a quick ratio of 0.88. The company has a fifty day simple moving average of $8.43 and a two-hundred day simple moving average of $8.14. Ericsson has a one year low of $6.12 and a one year high of $9.00.

Ericsson (NASDAQ:ERIC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The communications equipment provider reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.03. Ericsson had a return on equity of 16.45% and a net margin of 0.67%. The company had revenue of $5.68 billion during the quarter, compared to the consensus estimate of $55.83 billion. As a group, equities analysts forecast that Ericsson will post 0.48 earnings per share for the current year.

Analyst Ratings Changes

ERIC has been the subject of a number of recent research reports. Kepler Capital Markets upgraded shares of Ericsson from a "strong sell" rating to a "hold" rating in a research report on Wednesday, April 16th. JPMorgan Chase & Co. lifted their price objective on shares of Ericsson from $8.90 to $9.80 and gave the stock a "neutral" rating in a research note on Friday, April 11th. Finally, Wall Street Zen upgraded shares of Ericsson from a "buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th.

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.