Millennium Management LLC Acquires New Stake in Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC)

Millennium Management LLC purchased a new position in shares of Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 469,401 shares of the communications equipment provider's stock, valued at approximately $2,896,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. DigitalBridge Group Inc. raised its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 18.6% in the second quarter. DigitalBridge Group Inc. now owns 5,018,017 shares of the communications equipment provider's stock valued at $30,961,000 after acquiring an additional 785,261 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) in the second quarter valued at approximately $592,000. Squarepoint Ops LLC acquired a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) in the second quarter valued at approximately $3,027,000. Marshall Wace LLP increased its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 39.3% in the second quarter. Marshall Wace LLP now owns 1,898,019 shares of the communications equipment provider's stock valued at $11,711,000 after purchasing an additional 535,933 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 50,747.2% in the second quarter. Bank of Montreal Can now owns 13,557,885 shares of the communications equipment provider's stock valued at $83,788,000 after purchasing an additional 13,531,221 shares in the last quarter. Institutional investors own 7.99% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ERIC shares. JPMorgan Chase & Co. raised their price target on shares of Telefonaktiebolaget LM Ericsson (publ) from $5.58 to $5.90 and gave the company a "neutral" rating in a report on Monday, July 15th. StockNews.com lowered shares of Telefonaktiebolaget LM Ericsson (publ) from a "strong-buy" rating to a "buy" rating in a report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $5.90.

Telefonaktiebolaget LM Ericsson (publ) Trading Up 13.1 %

ERIC traded up $0.99 during trading on Tuesday, reaching $8.53. 48,774,292 shares of the company's stock were exchanged, compared to its average volume of 16,588,855. The company's fifty day moving average price is $7.36 and its 200-day moving average price is $6.40. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.90 and a current ratio of 1.14. Telefonaktiebolaget LM Ericsson has a fifty-two week low of $4.33 and a fifty-two week high of $8.62. The firm has a market capitalization of $28.43 billion, a PE ratio of -8.62 and a beta of 0.83.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC - Get Free Report) last announced its quarterly earnings results on Friday, July 12th. The communications equipment provider reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.04). Telefonaktiebolaget LM Ericsson (publ) had a negative net margin of 14.13% and a positive return on equity of 11.39%. The firm had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.29 billion. As a group, equities analysts forecast 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.