Ameriprise Financial Inc. raised its stake in Ericsson (NASDAQ:ERIC) by 1,827.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 976,103 shares of the communications equipment provider’s stock after purchasing an additional 925,455 shares during the period. Ameriprise Financial Inc.’s holdings in Ericsson were worth $6,998,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Two Sigma Securities LLC purchased a new position in Ericsson in the first quarter valued at approximately $106,000. Mackenzie Financial Corp purchased a new position in Ericsson in the first quarter valued at approximately $109,000. GenTrust LLC purchased a new position in shares of Ericsson during the second quarter worth approximately $120,000. Boyd Watterson Asset Management LLC OH grew its position in shares of Ericsson by 1.0% during the second quarter. Boyd Watterson Asset Management LLC OH now owns 18,092 shares of the communications equipment provider’s stock worth $130,000 after acquiring an additional 174 shares during the last quarter. Finally, Ronald Blue & Co. LLC grew its position in shares of Ericsson by 7.0% during the second quarter. Ronald Blue & Co. LLC now owns 19,716 shares of the communications equipment provider’s stock worth $141,000 after acquiring an additional 1,283 shares during the last quarter. Institutional investors own 7.96% of the company’s stock.
A number of brokerages have recently issued reports on ERIC. Canaccord Genuity lowered their target price on shares of Ericsson from $5.75 to $5.25 and set a “hold” rating on the stock in a research report on Monday, October 23rd. ValuEngine upgraded shares of Ericsson from a “sell” rating to a “hold” rating in a research report on Saturday, October 21st. BidaskClub lowered shares of Ericsson from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. BMO Capital Markets restated a “hold” rating and set a $6.00 target price on shares of Ericsson in a research report on Friday, October 20th. Finally, J P Morgan Chase & Co restated a “hold” rating on shares of Ericsson in a research report on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $5.34.
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Shares of Ericsson (NASDAQ ERIC) opened at 6.20 on Friday. The firm has a 50-day moving average price of $5.84 and a 200-day moving average price of $6.41. The firm’s market cap is $20.31 billion. Ericsson has a 12-month low of $4.83 and a 12-month high of $7.47.
Ericsson (NASDAQ:ERIC) last issued its quarterly earnings data on Friday, October 20th. The communications equipment provider reported ($0.06) EPS for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.07). The company had revenue of $47.80 billion for the quarter, compared to the consensus estimate of $47.21 billion. Ericsson had a negative return on equity of 5.67% and a negative net margin of 8.60%. Ericsson’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.34 earnings per share. On average, equities research analysts expect that Ericsson will post $0.04 earnings per share for the current fiscal year.
Ericsson Company Profile
Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.
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