Primecap Management Co. CA Has $355.52 Million Position in Ericsson (NASDAQ:ERIC)

Key Points

• Primecap Management Co. CA reduced its holdings in Ericsson by 1.0%, selling 456,800 shares, and now owns approximately 45.8 million shares valued at $355.5 million.
• Recent analyst ratings for Ericsson include upgrades from JPMorgan Chase & Co. and Kepler Capital Markets, with price targets moving from $8.90 to $9.80.
• Ericsson reported a net revenue decrease of 6.2% year-over-year, alongside an earnings per share (EPS) of $0.14, beating analysts' expectations of $0.12.

Primecap Management Co. CA lowered its position in Ericsson (NASDAQ:ERIC - Free Report) by 1.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 45,813,999 shares of the communications equipment provider's stock after selling 456,800 shares during the quarter. Primecap Management Co. CA owned 1.37% of Ericsson worth $355,517,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in ERIC. JPMorgan Chase & Co. boosted its position in Ericsson by 55.1% in the 4th quarter. JPMorgan Chase & Co. now owns 1,795,967 shares of the communications equipment provider's stock valued at $14,475,000 after buying an additional 638,393 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Ericsson by 7.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 25,231 shares of the communications equipment provider's stock valued at $196,000 after purchasing an additional 1,713 shares during the last quarter. Northern Trust Corp grew its stake in Ericsson by 41.4% during the 4th quarter. Northern Trust Corp now owns 1,771,321 shares of the communications equipment provider's stock valued at $14,277,000 after purchasing an additional 519,029 shares in the last quarter. Cetera Investment Advisers increased its holdings in Ericsson by 157.8% during the 4th quarter. Cetera Investment Advisers now owns 93,134 shares of the communications equipment provider's stock worth $751,000 after purchasing an additional 57,003 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Ericsson in the 4th quarter valued at approximately $105,000. Hedge funds and other institutional investors own 7.99% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Kepler Capital Markets raised shares of Ericsson from a "strong sell" rating to a "hold" rating in a research report on Wednesday, April 16th. Wall Street Zen raised shares of Ericsson from a "buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Ericsson from $8.90 to $9.80 and gave the company a "neutral" rating in a report on Friday, April 11th.

Ericsson Stock Performance

Ericsson stock traded up $0.01 during midday trading on Wednesday, reaching $7.39. 7,792,250 shares of the stock traded hands, compared to its average volume of 21,295,488. The firm has a fifty day moving average price of $8.08 and a two-hundred day moving average price of $8.06. Ericsson has a fifty-two week low of $6.56 and a fifty-two week high of $8.99. The firm has a market cap of $24.74 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 12.01 and a beta of 0.85. The company has a current ratio of 1.09, a quick ratio of 0.86 and a debt-to-equity ratio of 0.35.

Ericsson (NASDAQ:ERIC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.02. The company had revenue of $5.84 billion during 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 firm's quarterly revenue was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($3.34) EPS. On average, equities research analysts forecast 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.