Afam Capital Inc. lessened its holdings in Ericsson (NASDAQ:ERIC) by 6.6% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 255,542 shares of the communications equipment provider’s stock after selling 18,134 shares during the period. Afam Capital Inc.’s holdings in Ericsson were worth $1,832,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Folketrygdfondet boosted its stake in shares of Ericsson by 26.8% in the 2nd quarter. Folketrygdfondet now owns 8,432,504 shares of the communications equipment provider’s stock worth $60,461,000 after buying an additional 1,780,000 shares during the last quarter. Credit Suisse AG boosted its stake in shares of Ericsson by 912.8% in the 1st quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock worth $30,161,000 after buying an additional 4,093,879 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of Ericsson by 1.8% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 3,167,532 shares of the communications equipment provider’s stock worth $22,711,000 after buying an additional 54,557 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Ericsson by 215.4% in the 2nd quarter. Sei Investments Co. now owns 2,986,334 shares of the communications equipment provider’s stock worth $21,412,000 after buying an additional 2,039,348 shares during the last quarter. Finally, Northern Trust Corp boosted its stake 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 worth $19,878,000 after buying an additional 41,831 shares during the last quarter. Hedge funds and other institutional investors own 7.95% of the company’s stock.

Shares of Ericsson (NASDAQ:ERIC) traded down 0.084% during midday trading on Monday, reaching $5.945. 1,172,734 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $5.75 and a 200-day moving average of $6.43. Ericsson has a one year low of $4.83 and a one year high of $7.47. The stock’s market cap is $19.48 billion.

Ericsson (NASDAQ:ERIC) last issued its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.03). The business had revenue of $49.90 billion for the quarter, compared to analysts’ expectations of $50.66 billion. Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. The company’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.83 EPS. On average, equities research analysts anticipate that Ericsson will post $0.07 earnings per share for the current year.

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A number of equities analysts have recently weighed in on ERIC shares. Canaccord Genuity cut their target price on Ericsson from $6.00 to $5.25 and set a “hold” rating on the stock in a research note on Friday, September 22nd. Zacks Investment Research upgraded Ericsson from a “strong sell” rating to a “hold” rating in a research note on Monday, July 17th. Danske downgraded Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. Credit Suisse Group downgraded Ericsson from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $6.00 to $4.65 in a research note on Tuesday, October 3rd. Finally, BidaskClub raised shares of Ericsson from a “buy” rating to a “strong-buy” rating in a report on Friday, July 14th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $5.18.

Ericsson Company Profile

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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Institutional Ownership by Quarter for Ericsson (NASDAQ:ERIC)

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