Ericsson $ERIC Holdings Lowered by ABC Arbitrage SA

ABC Arbitrage SA trimmed its stake in shares of Ericsson (NASDAQ:ERIC) by 46.8% during the 1st quarter, Holdings Channel reports. The fund owned 2,333,866 shares of the communications equipment provider’s stock after selling 2,055,143 shares during the quarter. Ericsson makes up about 3.5% of ABC Arbitrage SA’s investment portfolio, making the stock its 7th largest position. ABC Arbitrage SA’s holdings in Ericsson were worth $26,303,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Brown Brothers Harriman & Co. acquired a new position in shares of Ericsson in the 3rd quarter valued at $28,000. Dynamic Technology Lab Private Ltd acquired a new stake in Ericsson during the first quarter valued at $126,000. Hennessy Advisors Inc. increased its holdings in Ericsson by 10.3% in the fourth quarter. Hennessy Advisors Inc. now owns 16,324 shares of the communications equipment provider’s stock valued at $158,000 after buying an additional 1,518 shares in the last quarter. LSV Asset Management boosted its stake in shares of Ericsson by 14.3% during the 4th quarter. LSV Asset Management now owns 39,200 shares of the communications equipment provider’s stock worth $378,000 after acquiring an additional 4,900 shares in the last quarter. Finally, Brooklyn Investment Group raised its holdings in Ericsson by 302.7% in the 3rd quarter. Brooklyn Investment Group now owns 46,112 shares of the communications equipment provider’s stock worth $381,000 after purchasing an additional 34,660 shares during the period. 7.99% of the stock is currently owned by hedge funds and other institutional investors.

Ericsson Stock Up 3.3%

ERIC stock opened at $11.72 on Tuesday. The company has a market cap of $39.51 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 1.99 and a beta of 0.93. The company has a current ratio of 1.12, a quick ratio of 0.93 and a debt-to-equity ratio of 0.21. Ericsson has a 12 month low of $7.16 and a 12 month high of $13.77. The firm has a 50-day moving average of $12.09 and a two-hundred day moving average of $11.33.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ERIC shares. Wall Street Zen downgraded Ericsson from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. Weiss Ratings reiterated a “buy (b)” rating on shares of Ericsson in a research report on Tuesday, June 2nd. Finally, Citigroup restated a “neutral” rating on shares of Ericsson in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Ericsson has an average rating of “Reduce” and a consensus target price of $11.00.

Ericsson Profile

Ericsson AB is a Swedish multinational telecommunications equipment and services company headquartered in Stockholm. Founded in 1876 by Lars Magnus Ericsson, the company designs, develops and sells infrastructure, software and services that enable mobile and fixed-line networks worldwide. Ericsson serves a global customer base that includes mobile network operators, enterprise customers and public-sector organizations across Europe, the Americas, Asia-Pacific, the Middle East and Africa.

The company’s core activities center on building and modernizing network infrastructure, with a particular focus on radio access networks (RAN), core network software, cloud-native solutions and network management systems.