Public Employees Retirement System of Ohio Makes New Investment in Ericsson $ERIC

Public Employees Retirement System of Ohio bought a new stake in Ericsson (NASDAQ:ERIC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,418,076 shares of the communications equipment provider’s stock, valued at approximately $15,812,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. ABC Arbitrage SA grew its position in Ericsson by 36.7% during the 4th quarter. ABC Arbitrage SA now owns 4,389,009 shares of the communications equipment provider’s stock worth $42,354,000 after acquiring an additional 1,179,194 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Ericsson by 42.9% in the second quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider’s stock worth $28,408,000 after purchasing an additional 1,005,398 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Ericsson by 19.1% in the fourth quarter. Russell Investments Group Ltd. now owns 1,903,298 shares of the communications equipment provider’s stock worth $18,603,000 after purchasing an additional 304,974 shares in the last quarter. Defiance ETFs LLC bought a new stake in shares of Ericsson during the fourth quarter worth $13,766,000. Finally, Van ECK Associates Corp grew its holdings in shares of Ericsson by 229.3% during the fourth quarter. Van ECK Associates Corp now owns 1,252,437 shares of the communications equipment provider’s stock worth $12,086,000 after purchasing an additional 872,065 shares during the last quarter. 7.99% of the stock is owned by institutional investors and hedge funds.

Ericsson Price Performance

Shares of ERIC opened at $9.95 on Monday. The business’s fifty day moving average price is $10.35 and its two-hundred day moving average price is $11.32. The firm has a market capitalization of $33.54 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.84 and a beta of 0.95. Ericsson has a 52 week low of $7.70 and a 52 week high of $13.77. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.89 and a current ratio of 1.12.

Ericsson (NASDAQ:ERIC) last released its earnings results on Tuesday, June 30th. The communications equipment provider reported $0.13 earnings per share for the quarter. Ericsson had a return on equity of 20.63% and a net margin of 10.72%.The company had revenue of $5.43 billion during the quarter. On average, analysts predict that Ericsson will post 0.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ERIC. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Ericsson in a report on Tuesday, June 2nd. Danske raised shares of Ericsson from a “hold” rating to a “buy” rating in a report on Wednesday, July 15th. Finally, Citigroup restated a “neutral” rating on shares of Ericsson in a research report on Wednesday, July 15th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.00.

About Ericsson

Ericsson AB is a Swedish multinational telecommunications equipment and services company headquartered in Stockholm. Founded in 1876 by Lars Magnus Ericsson, the company designs, develops and sells infrastructure, software and services that enable mobile and fixed-line networks worldwide. Ericsson serves a global customer base that includes mobile network operators, enterprise customers and public-sector organizations across Europe, the Americas, Asia-Pacific, the Middle East and Africa.

The company’s core activities center on building and modernizing network infrastructure, with a particular focus on radio access networks (RAN), core network software, cloud-native solutions and network management systems.