Societe Generale Initiates Coverage on Ericsson (ERIC)
Equities research analysts at Societe Generale started coverage on shares of Ericsson (NASDAQ:ERIC) in a research report issued on Wednesday, The Fly reports. The firm set a “hold” rating on the communications equipment provider’s stock.
A number of other equities research analysts have also recently issued reports on the stock. Credit Suisse Group upgraded shares of Ericsson from an “underperform” rating to a “neutral” rating in a research report on Wednesday, April 12th. Zacks Investment Research cut shares of Ericsson from a “hold” rating to a “sell” rating in a research report on Tuesday, March 28th. BMO Capital Markets reiterated a “market perform” rating on shares of Ericsson in a research report on Friday, March 17th. Goldman Sachs Group, Inc. (The) upgraded shares of Ericsson from a “sell” rating to a “buy” rating and increased their target price for the stock from $5.70 to $7.80 in a research report on Thursday, March 9th. Finally, Sanford C. Bernstein upgraded shares of Ericsson from a “market perform” rating to an “outperform” rating in a research report on Wednesday, March 29th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $6.19.
Shares of Ericsson (NASDAQ:ERIC) traded down 1.38% during midday trading on Wednesday, hitting $7.13. 3,246,592 shares of the company were exchanged. Ericsson has a one year low of $4.83 and a one year high of $8.04. The stock’s 50-day moving average is $6.81 and its 200-day moving average is $6.26. The stock’s market cap is $23.33 billion.
Ericsson (NASDAQ:ERIC) last announced its earnings results on Tuesday, April 25th. The communications equipment provider reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by $0.30. The firm had revenue of $46.40 billion for the quarter, compared to analyst estimates of $47.36 billion. Ericsson had a negative return on equity of 1.32% and a negative net margin of 4.93%. The company’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.87 EPS. Equities research analysts anticipate that Ericsson will post $0.32 EPS for the current year.
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A number of large investors have recently bought and sold shares of ERIC. OLD National Bancorp IN raised its position in shares of Ericsson by 8.1% in the first quarter. OLD National Bancorp IN now owns 15,786 shares of the communications equipment provider’s stock valued at $105,000 after buying an additional 1,181 shares during the period. Two Sigma Securities LLC acquired a new position in shares of Ericsson during the first quarter valued at about $106,000. Mackenzie Financial Corp acquired a new position in shares of Ericsson during the first quarter valued at about $109,000. Quantum Capital Management acquired a new position in shares of Ericsson during the first quarter valued at about $112,000. Finally, Menora Mivtachim Holdings LTD. acquired a new position in shares of Ericsson during the fourth quarter valued at about $117,000. Hedge funds and other institutional investors own 8.27% of the company’s stock.
Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.
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