Public Employees Retirement System of Ohio Decreases Stock Holdings in Ericsson $ERIC

Key Points

• The Public Employees Retirement System of Ohio reduced its holdings in **Ericsson** by **15.5%**, now owning **1,376,301 shares** valued at approximately **$11.67 million**.
• Ericsson reported earnings of **$0.14 per share**, exceeding expectations, despite a **6.2% decline** in revenue year-over-year, totaling **$5.84 billion**.
• Recent analyst ratings for Ericsson range from **"underperform"** to **"strong-buy"**, with an average target price of **$9.80** as per MarketBeat.

Public Employees Retirement System of Ohio cut its holdings in Ericsson (NASDAQ:ERIC - Free Report) by 15.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,376,301 shares of the communications equipment provider's stock after selling 252,674 shares during the period. Public Employees Retirement System of Ohio's holdings in Ericsson were worth $11,671,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Acadian Asset Management LLC lifted its position in shares of Ericsson by 0.6% during the 1st quarter. Acadian Asset Management LLC now owns 87,313,506 shares of the communications equipment provider's stock worth $677,498,000 after purchasing an additional 482,691 shares during the last quarter. Jane Street Group LLC lifted its position in shares of 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 acquiring an additional 1,266,788 shares during the period. Ascent Group LLC purchased a new stake in shares of Ericsson in the first quarter valued at about $138,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Ericsson during the first quarter worth about $126,000. Finally, AQR Capital Management LLC increased its stake in shares of Ericsson by 7.5% during the 1st quarter. AQR Capital Management LLC now owns 134,891 shares of the communications equipment provider's stock valued at $1,049,000 after acquiring an additional 9,362 shares during the last quarter. Hedge funds and other institutional investors own 7.99% of the company's stock.

Ericsson Stock Performance

ERIC stock opened at $8.19 on Friday. The stock has a market capitalization of $27.42 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 12.85 and a beta of 0.87. 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 has a fifty-two week low of $6.64 and a fifty-two week high of $8.99. The company has a 50 day moving average price of $7.75 and a 200 day moving average price of $8.02.

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, topping the consensus estimate 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 net margin of 7.06% and a return on equity of 21.17%. The business's revenue for the quarter was down 6.2% compared to the same quarter last year. During the same period last year, the business posted ($3.34) earnings per share. Analysts forecast that Ericsson will post 0.48 EPS for the current year.

Analyst Ratings Changes

ERIC has been the subject of a number of research analyst reports. BNP Paribas reiterated 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 investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Ericsson currently has an average rating of "Reduce" and an average price target of $9.80.

Ericsson 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.