Ericsson (ERIC) Stake Held by Palisade Asset Management LLC
Palisade Asset Management LLC continued to hold its position in Ericsson (NASDAQ:ERIC) during the second quarter, Holdings Channel reports. The fund owned 50,008 shares of the communications equipment provider’s stock at the end of the second quarter. Palisade Asset Management LLC’s holdings in Ericsson were worth $359,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Primecap Management Co. CA boosted its position in Ericsson by 2.9% in the first quarter. Primecap Management Co. CA now owns 81,901,979 shares of the communications equipment provider’s stock worth $543,829,000 after buying an additional 2,290,675 shares during the last quarter. Brandes Investment Partners LP boosted its position in Ericsson by 9.1% in the first quarter. Brandes Investment Partners LP now owns 10,712,458 shares of the communications equipment provider’s stock worth $71,131,000 after buying an additional 894,358 shares during the last quarter. Credit Suisse AG boosted its position in Ericsson by 912.8% in the first 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. Sei Investments Co. boosted its position in Ericsson by 215.4% in the second 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, Wellington Management Group LLP acquired a new position in Ericsson during the first quarter worth about $14,129,000. 8.13% of the stock is owned by hedge funds and other institutional investors.
Shares of Ericsson (NASDAQ ERIC) opened at 6.11 on Thursday. The company’s 50-day moving average price is $6.77 and its 200 day moving average price is $6.57. Ericsson has a 12-month low of $4.83 and a 12-month high of $7.55. The company’s market cap is $20.02 billion.
Ericsson (NASDAQ:ERIC) last released its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by $0.03. The company had revenue of $49.90 billion for the quarter, compared to analyst estimates of $50.66 billion. Ericsson had a negative net margin of 6.40% and a negative return on equity of 3.16%. Ericsson’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.83 EPS. Equities analysts predict that Ericsson will post $0.23 earnings per share for the current year.
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ERIC has been the subject of a number of research analyst reports. Zacks Investment Research raised Ericsson from a “strong sell” rating to a “hold” rating in a research note on Monday, July 17th. Cowen and Company restated a “market perform” rating and issued a $3.00 price target (down from $4.00) on shares of Ericsson in a report on Saturday, April 29th. BidaskClub upgraded Ericsson from a “buy” rating to a “strong-buy” rating in a report on Friday, July 14th. Canaccord Genuity restated a “hold” rating and issued a $6.00 price target on shares of Ericsson in a report on Tuesday, July 18th. Finally, Bank of America Corporation restated a “buy” rating on shares of Ericsson in a report on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price 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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