Ericsson (ERIC) Shares Sold by Dodge & Cox
Dodge & Cox trimmed its position in Ericsson (NASDAQ:ERIC) by 2.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,870,113 shares of the communications equipment provider’s stock after selling 50,100 shares during the quarter. Dodge & Cox owned approximately 0.06% of Ericsson worth $13,409,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. M&T Bank Corp increased its holdings in shares of Ericsson by 3.7% in the 2nd quarter. M&T Bank Corp now owns 65,391 shares of the communications equipment provider’s stock valued at $468,000 after acquiring an additional 2,326 shares during the last quarter. FMR LLC increased its holdings in shares of Ericsson by 46.3% in the 2nd quarter. FMR LLC now owns 2,464,210 shares of the communications equipment provider’s stock valued at $17,668,000 after acquiring an additional 779,620 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Ericsson by 1.5% in the 2nd quarter. Northern Trust Corp now owns 2,772,399 shares of the communications equipment provider’s stock valued at $19,878,000 after acquiring an additional 41,831 shares during the last quarter. Westfield Capital Management Co. LP bought a new stake in shares of Ericsson in the 2nd quarter valued at approximately $15,331,000. Finally, Ameriprise Financial Inc. increased its holdings in shares of Ericsson by 1,827.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 976,103 shares of the communications equipment provider’s stock valued at $6,998,000 after acquiring an additional 925,455 shares during the last quarter. Institutional investors and hedge funds own 7.95% of the company’s stock.
ERIC has been the subject of a number of recent research reports. BidaskClub upgraded Ericsson from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 14th. Citigroup Inc. initiated coverage on Ericsson in a research note on Thursday, June 8th. They set a “buy” rating for the company. J P Morgan Chase & Co restated a “neutral” rating on shares of Ericsson in a research note on Saturday, August 26th. Danske downgraded Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. Finally, ValuEngine upgraded Ericsson from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the stock. Ericsson presently has an average rating of “Hold” and an average price target of $5.76.
Shares of Ericsson (ERIC) opened at 5.68 on Friday. Ericsson has a one year low of $4.83 and a one year high of $7.47.
Ericsson (NASDAQ:ERIC) last posted its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.03). Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. The company had revenue of $49.90 billion during the quarter, compared to the consensus estimate of $50.66 billion. During the same quarter in the prior year, the business earned $0.83 earnings per share. The firm’s revenue for the quarter was down 7.8% on a year-over-year basis. Analysts forecast that Ericsson will post $0.23 earnings per share for the current fiscal year.
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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