Bank of Montreal Can Boosts Stake in Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC)

Bank of Montreal Can raised its stake in Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC - Free Report) by 50,747.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,557,885 shares of the communications equipment provider's stock after acquiring an additional 13,531,221 shares during the period. Bank of Montreal Can owned approximately 0.41% of Telefonaktiebolaget LM Ericsson (publ) worth $83,788,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC raised its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 131.2% in the second quarter. GAMMA Investing LLC now owns 5,464 shares of the communications equipment provider's stock worth $34,000 after purchasing an additional 3,101 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Telefonaktiebolaget LM Ericsson (publ) in the 1st quarter worth about $36,000. BOKF NA purchased a new position in Telefonaktiebolaget LM Ericsson (publ) in the 2nd quarter worth about $41,000. NBC Securities Inc. lifted its stake in Telefonaktiebolaget LM Ericsson (publ) by 258.1% during the 1st quarter. NBC Securities Inc. now owns 10,744 shares of the communications equipment provider's stock valued at $59,000 after acquiring an additional 7,744 shares during the period. Finally, Lake Street Advisors Group LLC purchased a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) during the 4th quarter valued at about $64,000. 7.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ERIC. JPMorgan Chase & Co. boosted their target price on shares of Telefonaktiebolaget LM Ericsson (publ) from $5.58 to $5.90 and gave the company a "neutral" rating in a research note on Monday, July 15th. StockNews.com raised Telefonaktiebolaget LM Ericsson (publ) from a "buy" rating to a "strong-buy" rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, one has issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Telefonaktiebolaget LM Ericsson (publ) currently has an average rating of "Hold" and an average target price of $5.90.

Telefonaktiebolaget LM Ericsson (publ) Stock Performance

NASDAQ ERIC traded down $0.04 during trading hours on Wednesday, hitting $7.70. 12,524,506 shares of the company's stock traded hands, compared to its average volume of 16,781,979. Telefonaktiebolaget LM Ericsson has a 52 week low of $4.33 and a 52 week high of $7.75. The firm has a market capitalization of $25.66 billion, a P/E ratio of -7.78 and a beta of 0.83. The company has a current ratio of 1.14, a quick ratio of 0.90 and a debt-to-equity ratio of 0.39. The business's fifty day moving average price is $7.08 and its two-hundred day moving average price is $6.18.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC - Get Free Report) last issued its quarterly earnings results on Friday, July 12th. The communications equipment provider reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.04). Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 11.39% and a negative net margin of 14.13%. The company had revenue of $5.60 billion during the quarter, compared to analysts' expectations of $5.29 billion. Equities research analysts predict that Telefonaktiebolaget LM Ericsson will post 0.41 EPS for the current year.

Telefonaktiebolaget LM Ericsson (publ) Profile

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.