Renaissance Technologies LLC Decreases Stock Position in Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC)

Renaissance Technologies LLC trimmed its stake in shares of Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) by 62.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,666,700 shares of the communications equipment provider’s stock after selling 6,011,900 shares during the quarter. Renaissance Technologies LLC’s holdings in Telefonaktiebolaget LM Ericsson (publ) were worth $22,624,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 131.2% in the 2nd quarter. GAMMA Investing LLC now owns 5,464 shares of the communications equipment provider’s stock valued at $34,000 after buying an additional 3,101 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in Telefonaktiebolaget LM Ericsson (publ) in the first quarter worth approximately $36,000. BOKF NA acquired a new position in Telefonaktiebolaget LM Ericsson (publ) during the 2nd quarter worth approximately $41,000. NBC Securities Inc. increased its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 258.1% in the 1st quarter. NBC Securities Inc. now owns 10,744 shares of the communications equipment provider’s stock valued at $59,000 after purchasing an additional 7,744 shares during the last quarter. Finally, Lake Street Advisors Group LLC acquired a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) in the 4th quarter valued at $64,000. Hedge funds and other institutional investors own 7.99% of the company’s stock.

Telefonaktiebolaget LM Ericsson (publ) Stock Performance

Shares of ERIC opened at $7.57 on Friday. The company has a market capitalization of $25.23 billion, a price-to-earnings ratio of -7.65 and a beta of 0.83. Telefonaktiebolaget LM Ericsson has a 52-week low of $4.33 and a 52-week high of $7.65. The company has a quick ratio of 0.90, a current ratio of 1.14 and a debt-to-equity ratio of 0.39. The stock has a 50 day moving average price of $7.04 and a 200 day moving average price of $6.14.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last issued its 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 company had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.29 billion. Research analysts predict that Telefonaktiebolaget LM Ericsson will post 0.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. boosted their target price on shares of Telefonaktiebolaget LM Ericsson (publ) from $5.58 to $5.90 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Telefonaktiebolaget LM Ericsson (publ) currently has an average rating of “Hold” and a consensus price target of $5.90.

About Telefonaktiebolaget LM Ericsson (publ)

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.