Ericsson’s (ERIC) “Market Perform” Rating Reaffirmed at BMO Capital Markets
Ericsson (NASDAQ:ERIC)‘s stock had its “market perform” rating reissued by analysts at BMO Capital Markets in a research note issued on Thursday. They presently have a $7.00 price target on the stock. BMO Capital Markets’ price target points to a potential upside of 28.68% from the stock’s current price.
Several other research analysts have also weighed in on ERIC. Vetr lowered Ericsson from a “hold” rating to a “sell” rating and set a $7.64 price target on the stock. in a research report on Wednesday, June 22nd. Goldman Sachs Group Inc. raised Ericsson from a “sell” rating to a “neutral” rating in a research report on Tuesday, June 21st. Zacks Investment Research raised Ericsson from a “sell” rating to a “hold” rating in a research report on Monday, June 20th. Bank of America Corp. reissued a “hold” rating on shares of Ericsson in a research report on Tuesday, July 26th. Finally, Barclays PLC raised Ericsson from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, July 6th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $8.32.
Shares of Ericsson (NASDAQ:ERIC) traded down 1.98% during midday trading on Thursday, hitting $5.44. The company had a trading volume of 35,054,680 shares. Ericsson has a one year low of $5.35 and a one year high of $10.58. The firm has a market cap of $17.74 billion, a price-to-earnings ratio of 11.29 and a beta of 0.92. The company’s 50 day moving average is $6.93 and its 200 day moving average is $7.72.
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Ericsson (NASDAQ:ERIC) last announced its earnings results on Tuesday, July 19th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by $0.02. Ericsson had a return on equity of 13.14% and a net margin of 5.70%. Equities analysts forecast that Ericsson will post $0.51 earnings per share for the current fiscal year.
A number of large investors have recently bought and sold shares of ERIC. BlackRock Japan Co. Ltd raised its stake in Ericsson by 10.5% in the first quarter. BlackRock Japan Co. Ltd now owns 138,435 shares of the company’s stock valued at $1,389,000 after buying an additional 13,160 shares during the period. JPMorgan Chase & Co. raised its stake in Ericsson by 19.7% in the first quarter. JPMorgan Chase & Co. now owns 110,628 shares of the company’s stock valued at $1,109,000 after buying an additional 18,219 shares during the period. Bessemer Group Inc. raised its stake in Ericsson by 48.5% in the first quarter. Bessemer Group Inc. now owns 52,008 shares of the company’s stock valued at $522,000 after buying an additional 16,985 shares during the period. M&T Bank Corp raised its stake in Ericsson by 8.4% in the first quarter. M&T Bank Corp now owns 255,524 shares of the company’s stock valued at $2,562,000 after buying an additional 19,868 shares during the period. Finally, Folketrygdfondet raised its stake in Ericsson by 4.2% in the first quarter. Folketrygdfondet now owns 7,443,161 shares of the company’s stock valued at $74,655,000 after buying an additional 300,000 shares during the period. Hedge funds and other institutional investors 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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