BMO Capital Markets Reaffirms Market Perform Rating for Ericsson (ERIC)
Ericsson (NASDAQ:ERIC)‘s stock had its “market perform” rating reissued by stock analysts at BMO Capital Markets in a report issued on Thursday. They presently have a $7.00 price objective on the stock. BMO Capital Markets’ target price suggests a potential upside of 28.68% from the stock’s current price.
Several other equities research analysts have also recently weighed in on ERIC. Zacks Investment Research upgraded Ericsson from a “sell” rating to a “hold” rating in a research report on Monday, June 20th. Natixis cut Ericsson from a “buy” rating to a “neutral” rating in a research report on Thursday. Goldman Sachs Group Inc. upgraded Ericsson from a “sell” rating to a “neutral” rating in a research report on Tuesday, June 21st. Canaccord Genuity cut their price objective on Ericsson from $8.50 to $7.00 and set a “hold” rating for the company in a report on Wednesday, July 20th. Finally, Bank of America Corp. reissued a “hold” rating on shares of Ericsson in a report on Tuesday, July 26th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $8.32.
Ericsson (NASDAQ:ERIC) traded down 1.98% on Thursday, reaching $5.44. 35,054,680 shares of the company’s stock traded hands. The firm’s 50-day moving average is $6.93 and its 200 day moving average is $7.72. The firm has a market cap of $17.74 billion, a PE ratio of 11.29 and a beta of 0.92. Ericsson has a 12 month low of $5.35 and a 12 month high of $10.58.
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Ericsson (NASDAQ:ERIC) last announced its quarterly earnings results on Tuesday, July 19th. The company reported $0.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.02. Ericsson had a net margin of 5.70% and a return on equity of 13.14%. Equities analysts predict that Ericsson will post $0.51 EPS for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ERIC. Hotchkis & Wiley Capital Management LLC raised its position in Ericsson by 44.2% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 40,979,684 shares of the company’s stock worth $314,724,000 after buying an additional 12,562,156 shares during the period. Primecap Management Co. CA raised its position in Ericsson by 4.6% in the first quarter. Primecap Management Co. CA now owns 78,258,204 shares of the company’s stock worth $784,930,000 after buying an additional 3,465,300 shares during the period. Brandes Investment Partners LP raised its position in Ericsson by 32.6% in the second quarter. Brandes Investment Partners LP now owns 10,329,065 shares of the company’s stock worth $79,327,000 after buying an additional 2,541,781 shares during the period. Symons Capital Management Inc. bought a new position in Ericsson during the second quarter worth about $15,018,000. Finally, Cambiar Investors LLC raised its position in Ericsson by 10.7% in the second quarter. Cambiar Investors LLC now owns 18,024,576 shares of the company’s stock worth $138,429,000 after buying an additional 1,746,391 shares during the period. Institutional investors and hedge funds own 7.29% of the company’s stock.
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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