Canaccord Genuity Reiterates Hold Rating for Ericsson (ERIC)
Ericsson (NASDAQ:ERIC)‘s stock had its “hold” rating restated by equities researchers at Canaccord Genuity in a report released on Tuesday. They currently have a $6.00 price target on the communications equipment provider’s stock. Canaccord Genuity’s price objective indicates a potential downside of 17.58% from the stock’s previous close.
ERIC has been the topic of several other reports. Zacks Investment Research lowered Ericsson from a “hold” rating to a “sell” rating in a research report on Tuesday, March 28th. Citigroup Inc. assumed coverage on Ericsson in a research report on Thursday, June 8th. They set a “buy” rating on the stock. Societe Generale assumed coverage on Ericsson in a research report on Wednesday, June 14th. They set a “hold” rating on the stock. Credit Suisse Group raised Ericsson from an “underperform” rating to a “neutral” rating in a research report on Wednesday, April 12th. Finally, J P Morgan Chase & Co reissued a “hold” rating on shares of Ericsson in a research report on Tuesday. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. Ericsson has a consensus rating of “Hold” and an average target price of $5.95.
Ericsson (NASDAQ:ERIC) traded down 16.690% during mid-day trading on Tuesday, reaching $6.065. 21,887,848 shares of the company’s stock were exchanged. Ericsson has a 52 week low of $4.83 and a 52 week high of $7.82.
Ericsson (NASDAQ:ERIC) last released its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.03. The business had revenue of $49.90 billion for the quarter, compared to analysts’ expectations of $50.66 billion. Ericsson had a negative net margin of 4.93% and a negative return on equity of 1.32%. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.83 earnings per share. Equities research analysts expect that Ericsson will post $0.30 EPS for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in the stock. Stephens Inc. AR bought a new position in Ericsson during the third quarter worth $104,000. OLD National Bancorp IN increased its stake 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 in the last quarter. Two Sigma Securities LLC acquired a new stake in shares of Ericsson during the first quarter valued at about $106,000. Mackenzie Financial Corp acquired a new stake in shares of Ericsson during the first quarter valued at about $109,000. Finally, Sterling Capital Management LLC increased its stake in shares of Ericsson by 25.6% in the second quarter. Sterling Capital Management LLC now owns 14,382 shares of the communications equipment provider’s stock valued at $110,000 after buying an additional 2,931 shares in the last quarter. Institutional investors and hedge funds own 8.08% 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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