Walleye Capital LLC Decreases Holdings in Ericsson $ERIC

Key Points

• Walleye Capital LLC has significantly decreased its holdings in Ericsson by 84.4%, selling 325,665 shares and now owning 60,368 shares valued at $468,000.
• Wall Street analysts have downgraded Ericsson from a "strong-buy" rating to a "buy" rating, with a current consensus rating of "Hold" and a price target of $9.80.
• Ericsson announced a dividend of $0.1485 per share, with a dividend yield of 377.0%, set to be paid on January 1st.

Walleye Capital LLC reduced its position in Ericsson (NASDAQ:ERIC - Free Report) by 84.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 60,368 shares of the communications equipment provider's stock after selling 325,665 shares during the period. Walleye Capital LLC's holdings in Ericsson were worth $468,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ERIC. Federated Hermes Inc. acquired a new position in Ericsson during the 1st quarter worth approximately $27,000. Pinnacle Bancorp Inc. purchased a new stake in Ericsson in the 1st quarter valued at approximately $31,000. Minot DeBlois Advisors LLC purchased a new position in shares of Ericsson during the 4th quarter worth $35,000. Wallace Advisory Group LLC purchased a new position in shares of Ericsson during the 1st quarter worth $90,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of 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 worth $97,000 after purchasing an additional 10,884 shares during the period. Institutional investors and hedge funds own 7.99% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded Ericsson from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 23rd. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Ericsson currently has a consensus rating of "Hold" and a consensus price target of $9.80.

Ericsson Price Performance

NASDAQ ERIC opened at $7.75 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.09 and a quick ratio of 0.86. The firm has a market capitalization of $25.95 billion, a PE ratio of 15.50, a P/E/G ratio of 12.60 and a beta of 0.87. Ericsson has a 12 month low of $6.64 and a 12 month high of $8.99. The company's 50 day simple moving average is $7.79 and its 200 day simple moving average is $8.04.

Ericsson (NASDAQ:ERIC - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $5.84 billion for the quarter, compared to analysts' expectations of $60.54 billion. Ericsson had a net margin of 7.06% and a return on equity of 21.17%. The company's quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($3.34) EPS. As a group, equities research analysts forecast that Ericsson will post 0.48 EPS for the current fiscal year.

Ericsson Dividend Announcement

The business also recently announced a dividend, which will be paid on Friday, January 1st. Shareholders of record on Monday, September 29th will be paid a dividend of $0.1485 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a dividend yield of 377.0%. Ericsson's dividend payout ratio (DPR) is 38.00%.

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.

Want to see what other hedge funds are holding ERIC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ericsson (NASDAQ:ERIC - Free Report).

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.