Short Interest in Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) Drops By 33.5%

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) was the recipient of a large decrease in short interest in March. As of March 15th, there was short interest totalling 6,761,010 shares, a decrease of 33.5% from the February 28th total of 10,172,666 shares. Based on an average trading volume of 4,077,242 shares, the days-to-cover ratio is presently 1.7 days.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Eqis Capital Management Inc. lifted its holdings in Telefonaktiebolaget LM Ericsson by 0.5% during the fourth quarter. Eqis Capital Management Inc. now owns 250,626 shares of the communications equipment provider’s stock valued at $2,223,000 after purchasing an additional 1,338 shares during the last quarter. Lenox Wealth Management Inc. lifted its holdings in Telefonaktiebolaget LM Ericsson by 8.5% during the fourth quarter. Lenox Wealth Management Inc. now owns 23,557 shares of the communications equipment provider’s stock valued at $209,000 after purchasing an additional 1,851 shares during the last quarter. Advisor Partners LLC lifted its holdings in Telefonaktiebolaget LM Ericsson by 8.0% during the fourth quarter. Advisor Partners LLC now owns 37,828 shares of the communications equipment provider’s stock valued at $336,000 after purchasing an additional 2,804 shares during the last quarter. Canton Hathaway LLC purchased a new stake in Telefonaktiebolaget LM Ericsson during the first quarter valued at about $36,000. Finally, Bank of Montreal Can lifted its holdings in Telefonaktiebolaget LM Ericsson by 6.0% during the fourth quarter. Bank of Montreal Can now owns 78,177 shares of the communications equipment provider’s stock valued at $693,000 after purchasing an additional 4,395 shares during the last quarter. 7.73% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have recently issued reports on ERIC. Cowen reiterated a “hold” rating and issued a $10.00 target price on shares of Telefonaktiebolaget LM Ericsson in a research note on Sunday. BidaskClub upgraded shares of Telefonaktiebolaget LM Ericsson from a “hold” rating to a “buy” rating in a research note on Saturday, April 13th. Zacks Investment Research upgraded shares of Telefonaktiebolaget LM Ericsson from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 16th. Finally, ValuEngine upgraded shares of Telefonaktiebolaget LM Ericsson from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, March 5th. Seven investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Telefonaktiebolaget LM Ericsson currently has a consensus rating of “Buy” and a consensus target price of $9.14.

ERIC traded down $0.28 during trading on Friday, hitting $10.11. 7,918,560 shares of the company traded hands, compared to its average volume of 6,904,051. The firm has a market cap of $33.71 billion, a P/E ratio of 337.00, a PEG ratio of 0.72 and a beta of 0.52. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.19 and a current ratio of 1.32. Telefonaktiebolaget LM Ericsson has a one year low of $6.48 and a one year high of $10.46.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last posted its quarterly earnings results on Wednesday, April 17th. The communications equipment provider reported $0.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.05. The company had revenue of $48.90 billion during the quarter, compared to analyst estimates of $48.35 billion. Telefonaktiebolaget LM Ericsson had a negative net margin of 1.46% and a positive return on equity of 3.79%. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.11 earnings per share. Equities research analysts predict that Telefonaktiebolaget LM Ericsson will post 0.34 earnings per share for the current fiscal year.

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Telefonaktiebolaget LM Ericsson Company Profile

Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for service providers. It operates through four segments: Networks, Digital Services, Managed Services, and Emerging Business and Other. The Networks segment provides mobile radio access networks, transport solutions, and site solutions, as well as related services, such as network rollout, network tuning, and customer support.

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