Ericsson (ERIC) Shares Sold by Brandes Investment Partners LP
Brandes Investment Partners LP decreased its stake in Ericsson (NASDAQ:ERIC) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,690,454 shares of the communications equipment provider’s stock after selling 22,004 shares during the period. Brandes Investment Partners LP owned about 0.33% of Ericsson worth $76,651,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also made changes to their positions in the company. OLD National Bancorp IN increased its position in shares of Ericsson by 8.1% in the first quarter. OLD National Bancorp IN now owns 15,786 shares of the communications equipment provider’s stock valued at $105,000 after buying an additional 1,181 shares during the period. Two Sigma Securities LLC acquired a new position in shares of Ericsson during the first quarter valued at $106,000. Mackenzie Financial Corp acquired a new position in shares of Ericsson during the first quarter valued at $109,000. GenTrust LLC acquired a new position in shares of Ericsson during the second quarter valued at $120,000. Finally, Quantum Capital Management acquired a new position in shares of Ericsson during the first quarter valued at $112,000. Hedge funds and other institutional investors own 7.95% of the company’s stock.
Shares of Ericsson (NASDAQ:ERIC) traded down 0.600% during mid-day trading on Friday, hitting $5.795. The stock had a trading volume of 311,044 shares. Ericsson has a 52-week low of $4.83 and a 52-week high of $7.47. The firm has a 50 day moving average price of $6.22 and a 200 day moving average price of $6.58. The firm’s market cap is $18.98 billion.
Ericsson (NASDAQ:ERIC) last posted its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 EPS for the quarter, missing the Zacks’ 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 firm had revenue of $49.90 billion for the quarter, compared to analyst estimates of $50.66 billion. During the same quarter last year, the firm posted $0.83 EPS. The firm’s revenue for the quarter was down 7.8% on a year-over-year basis. Equities analysts predict that Ericsson will post $0.23 EPS for the current year.
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Several research analysts recently weighed in on the company. J P Morgan Chase & Co restated a “neutral” rating on shares of Ericsson in a research note on Saturday, August 26th. BidaskClub downgraded Ericsson from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Danske downgraded Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday. Canaccord Genuity reiterated a “hold” rating and set a $6.00 price target on shares of Ericsson in a research note on Tuesday, July 18th. Finally, Bank of America Corporation reiterated a “buy” rating on shares of Ericsson in a research note on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $5.95.
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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