Pinnacle Associates Ltd. Takes $363,000 Position in Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC)

Pinnacle Associates Ltd. bought a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERICFree Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 47,858 shares of the communications equipment provider’s stock, valued at approximately $363,000.

Other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC grew its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 131.2% during the 2nd quarter. GAMMA Investing LLC now owns 5,464 shares of the communications equipment provider’s stock valued at $34,000 after acquiring an additional 3,101 shares during the period. Hexagon Capital Partners LLC grew its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 225.5% during the 3rd quarter. Hexagon Capital Partners LLC now owns 5,664 shares of the communications equipment provider’s stock valued at $43,000 after acquiring an additional 3,924 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) during the 1st quarter valued at about $36,000. BOKF NA acquired a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) during the 2nd quarter valued at about $41,000. Finally, Vest Financial LLC acquired a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) during the 3rd quarter valued at about $77,000. 7.99% of the stock is currently owned by institutional investors and hedge funds.

Telefonaktiebolaget LM Ericsson (publ) Stock Up 1.1 %

Shares of NASDAQ ERIC opened at $8.47 on Monday. The company has a current ratio of 1.19, a quick ratio of 0.95 and a debt-to-equity ratio of 0.39. The company has a 50-day moving average of $7.74 and a 200 day moving average of $6.70. Telefonaktiebolaget LM Ericsson has a 12-month low of $4.48 and a 12-month high of $8.62. The stock has a market cap of $28.23 billion, a PE ratio of -282.33 and a beta of 0.81.

Analyst Ratings Changes

A number of equities analysts have commented on the company. StockNews.com raised Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. increased their price objective on Telefonaktiebolaget LM Ericsson (publ) from $5.90 to $6.70 and gave the company a “neutral” rating in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Telefonaktiebolaget LM Ericsson (publ) has an average rating of “Hold” and a consensus price target of $6.70.

Read Our Latest Analysis on Telefonaktiebolaget LM Ericsson (publ)

About Telefonaktiebolaget LM Ericsson (publ)

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC)

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