PNC Financial Services Group Inc. reduced its position in Ericsson (NASDAQ:ERIC) by 47.7% during the second quarter, Holdings Channel reports. The firm owned 55,569 shares of the company’s stock after selling 50,739 shares during the period. PNC Financial Services Group Inc.’s holdings in Ericsson were worth $427,000 as of its most recent filing with the SEC.
A number of other large investors also recently bought and sold shares of the company. Societe Generale acquired a new stake in shares of Ericsson during the second quarter worth about $133,000. SG Americas Securities LLC increased its stake in shares of Ericsson by 49.1% in the second quarter. SG Americas Securities LLC now owns 17,344 shares of the company’s stock worth $133,000 after buying an additional 5,714 shares during the last quarter. Smithfield Trust Co. acquired a new stake in shares of Ericsson during the second quarter worth about $136,000. Regentatlantic Capital LLC increased its stake in shares of Ericsson by 21.4% in the second quarter. Regentatlantic Capital LLC now owns 19,449 shares of the company’s stock worth $149,000 after buying an additional 3,434 shares during the last quarter. Finally, Timber Hill LLC increased its stake in shares of Ericsson by 4.5% in the second quarter. Timber Hill LLC now owns 24,244 shares of the company’s stock worth $186,000 after buying an additional 1,045 shares during the last quarter. 7.29% of the stock is owned by institutional investors and hedge funds.
Shares of Ericsson (NASDAQ:ERIC) traded down 0.29% during mid-day trading on Monday, hitting $6.91. 1,690,625 shares of the stock traded hands. Ericsson has a 12 month low of $6.68 and a 12 month high of $10.58. The firm has a 50 day moving average of $7.14 and a 200 day moving average of $7.98. The company has a market cap of $22.54 billion, a P/E ratio of 14.28 and a beta of 1.01.
Ericsson (NASDAQ:ERIC) last released its quarterly earnings data on Tuesday, July 19th. The company reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.02. Ericsson had a return on equity of 13.14% and a net margin of 5.70%. Equities analysts anticipate that Ericsson will post $0.51 EPS for the current fiscal year.
A number of brokerages have recently issued reports on ERIC. Charter Equity downgraded shares of Ericsson from a “market perform” rating to an “underperform” rating in a research report on Wednesday, July 20th. Morgan Stanley reissued a “neutral” rating on shares of Ericsson in a research report on Friday, August 12th. Barclays PLC raised shares of Ericsson from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, July 6th. Bank of America Corp. reissued a “hold” rating on shares of Ericsson in a research report on Tuesday, July 26th. Finally, BMO Capital Markets reissued a “hold” rating and set a $8.00 price objective on shares of Ericsson in a research report on Monday, July 18th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Ericsson has a consensus rating of “Hold” and a consensus target price of $8.49.
Telefonaktiebolaget LM Ericsson is a Sweden-based telecommunications operator. The Company offers hardware, software and services that drive development in mobility, broadband and the cloud, creating ecosystems across various industries. Ericsson’s core businesses are Radio, Core and Transmission, and Telecom Services.
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