Fisher Asset Management LLC Lowers Position in Ericsson (NASDAQ:ERIC)
Fisher Asset Management LLC reduced its stake in shares of Ericsson (NASDAQ:ERIC) by 6.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 241,768 shares of the communications equipment provider’s stock after selling 17,827 shares during the period. Fisher Asset Management LLC’s holdings in Ericsson were worth $1,733,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Point72 Asset Management L.P. bought a new position in Ericsson during the first quarter valued at about $1,100,000. Credit Suisse AG boosted its position in Ericsson by 912.8% in the first quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock valued at $30,161,000 after buying an additional 4,093,879 shares in the last quarter. Eventide Asset Management LLC boosted its position in Ericsson by 22.9% in the first quarter. Eventide Asset Management LLC now owns 59,000 shares of the communications equipment provider’s stock valued at $392,000 after buying an additional 11,000 shares in the last quarter. Two Sigma Securities LLC bought a new position in Ericsson during the first quarter valued at about $106,000. Finally, Bank of America Corp DE boosted its position in Ericsson by 5.0% in the first quarter. Bank of America Corp DE now owns 1,365,314 shares of the communications equipment provider’s stock valued at $9,066,000 after buying an additional 65,042 shares in the last quarter. 8.08% of the stock is currently owned by institutional investors.
Shares of Ericsson (NASDAQ:ERIC) opened at 6.29 on Monday. Ericsson has a 52 week low of $4.83 and a 52 week high of $7.55. The stock’s market cap is $20.61 billion.
Ericsson (NASDAQ:ERIC) last announced its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by $0.03. The firm had revenue of $49.90 billion for the quarter, compared to the consensus estimate of $50.66 billion. Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.83 earnings per share. On average, equities analysts forecast that Ericsson will post $0.23 earnings per share for the current fiscal year.
Several research analysts have issued reports on the company. Canaccord Genuity reaffirmed a “hold” rating and issued a $6.00 price target on shares of Ericsson in a report on Tuesday, July 18th. J P Morgan Chase & Co reaffirmed a “hold” rating on shares of Ericsson in a report on Tuesday, July 18th. Zacks Investment Research raised Ericsson from a “strong sell” rating to a “hold” rating in a report on Monday, July 17th. BidaskClub raised Ericsson from a “buy” rating to a “strong-buy” rating in a report on Friday, July 14th. Finally, Societe Generale assumed coverage on Ericsson in a report on Wednesday, June 14th. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. Ericsson has an average rating of “Hold” and an average price target of $5.95.
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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