Hotchkis & Wiley Capital Manageme recently announced the acquisition of new stake in Telefonaktiebolaget L M Ericsson ADR (NASDAQ:ERIC). The institutional investor has increased its shareholding in the Technology company by 35.67% to 141.93 million shares with purchase of 37.32 million shares. This fresh investment now brings its stake to 4.61% valued currently at $633.03 million. In addition, American Beacon Advisors, Inc. raised its holdings by 0.11 million to 6.2 million shares.
With over 9.46 million Telefonaktiebolaget L M Ericsson ADR (ERIC) shares trading Monday and a closing price of $5.04 on the day, the dollar volume was approximately $47.7 million. The shares have shown a negative half year performance of -4.91% and its price on 11/20/23 gained nearly 2.44%. Currently, there are 3.07B common shares owned by the public and among those 3.07B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for ERIC have a consensus price objective of $5.53. The analysts have set the share’s price value over the next 12 months at a high of $9.01 and a low of $3.85. The average price target is 8.86% above its recent price level and a downside to the estimated low will see the stock lose -30.91% over that period. But an upside of 44.06% will see the stock hit the forecast high price target while median target price for the stock is $5.21.
Insiders at the company have transacted a total of 3 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 3 of these insider trades were purchases, accounting for 455 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Telefonaktiebolaget L M Ericsson ADR are Vanguard Windsor Funds – Vanguard, Vanguard PRIMECAP Fund, and Hotchkis & Wiley Value Opportunit. Vanguard Windsor Funds – Vanguard owns 54.6 million shares of the company’s stock, all valued at over $243.53 million. The company bought an additional 17.59 million shares recently to bring their total holdings to about 1.77% of the shares outstanding. Hotchkis & Wiley Value Opportunit sold -0.54 million shares to bring its total holdings to over 8.63 million shares at a value of $38.51 million. Hotchkis & Wiley Value Opportunit now owns shares totaling to 0.28% of the shares outstanding.
Shares of Telefonaktiebolaget L M Ericsson ADR (NASDAQ: ERIC) opened at $4.97, up $0.05 from a prior closing price of $4.92. However, the script later moved the day high at 5.05, up 2.44%. The company’s stock has a 5-day price change of 10.04% and 1.82% over the past three months. ERIC shares are trading -13.70% year to date (YTD), with the 12-month market performance down to -17.11% lower. It has a 12-month low price of $4.33 and touched a high of $6.82 over the same period. ERIC has an average intraday trading volume of 8.95 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 10.03%, 6.05%, and -2.92% respectively.
Institutional ownership of Telefonaktiebolaget L M Ericsson ADR (NASDAQ: ERIC) shares accounts for 8.92% of the company’s 3.07B shares outstanding. Mutual fund holders own 4.46%, while other institutional holders and individual stakeholders account for 4.61% and — respectively.
It has a market capitalization of $15.46B and a beta (3y monthly) value of 0.63. The earnings-per-share (ttm) stands at -$0.66. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.46% over the week and 1.62% over the month.
Analysts forecast that Telefonaktiebolaget L M Ericsson ADR (ERIC) will achieve an EPS of $0.15 for the current quarter, $0.05 for the next quarter and $0.49 for 2024. The lowest estimate earnings-per-share for the quarter is $0.13 while analysts give the company a high EPS estimate of $0.19. Comparatively, EPS for the current quarter was $0.21 a year ago. Earnings per share for the fiscal year are expected to decrease by -229.90%, and 162.71% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Telefonaktiebolaget L M Ericsson ADR (ERIC) as a “Moderate Buy” at a consensus score of 2.54. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 15 of the 26 advise that investors “hold,” and 1 rated it as a “Sell.”
