Hotchkis & Wiley Capital Management LLC Lowers Stock Position in Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC)

Hotchkis & Wiley Capital Management LLC reduced its holdings in Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) by 23.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,445,871 shares of the communications equipment provider’s stock after selling 35,859,689 shares during the period. Telefonaktiebolaget LM Ericsson (publ) makes up 2.9% of Hotchkis & Wiley Capital Management LLC’s holdings, making the stock its 3rd biggest position. Hotchkis & Wiley Capital Management LLC’s holdings in Telefonaktiebolaget LM Ericsson (publ) were worth $882,660,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of Montreal Can boosted its holdings in Telefonaktiebolaget LM Ericsson (publ) by 50,747.2% in the second quarter. Bank of Montreal Can now owns 13,557,885 shares of the communications equipment provider’s stock valued at $83,788,000 after acquiring an additional 13,531,221 shares during the last quarter. DigitalBridge Group Inc. raised its position in Telefonaktiebolaget LM Ericsson (publ) by 18.6% during the second quarter. DigitalBridge Group Inc. now owns 5,018,017 shares of the communications equipment provider’s stock valued at $30,961,000 after acquiring an additional 785,261 shares in the last quarter. Hsbc Holdings PLC bought a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) in the second quarter valued at approximately $17,940,000. FMR LLC boosted its stake in Telefonaktiebolaget LM Ericsson (publ) by 23.8% in the 3rd quarter. FMR LLC now owns 2,412,480 shares of the communications equipment provider’s stock valued at $18,287,000 after buying an additional 463,415 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new position in Telefonaktiebolaget LM Ericsson (publ) in the 2nd quarter valued at $11,869,000. 7.99% of the stock is owned by hedge funds and other institutional investors.

Telefonaktiebolaget LM Ericsson (publ) Stock Performance

ERIC stock opened at $8.22 on Tuesday. Telefonaktiebolaget LM Ericsson has a 12 month low of $4.77 and a 12 month high of $8.62. The firm has a 50-day moving average price of $8.05 and a 200-day moving average price of $7.11. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.19 and a quick ratio of 0.95.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last announced its quarterly earnings results on Tuesday, October 15th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. Telefonaktiebolaget LM Ericsson (publ) had a negative net margin of 0.47% and a positive return on equity of 13.31%. The business had revenue of $5.93 billion during the quarter, compared to the consensus estimate of $5.73 billion. Research analysts expect that Telefonaktiebolaget LM Ericsson will post 0.44 EPS for the current year.

Wall Street Analyst Weigh In

ERIC has been the subject of several research reports. 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 stock a “neutral” rating in a report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $6.70.

Telefonaktiebolaget LM Ericsson (publ) Profile

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.