Ericsson (NASDAQ:ERIC) Stock Rating Reaffirmed by J P Morgan Chase & Co
Ericsson (NASDAQ:ERIC)‘s stock had its “hold” rating restated by equities research analysts at J P Morgan Chase & Co in a report issued on Tuesday.
ERIC has been the topic of a number of other reports. Zacks Investment Research lowered shares of Ericsson from a “hold” rating to a “sell” rating in a research note on Tuesday, March 28th. Canaccord Genuity reiterated a “neutral – hold” rating and set a $7.00 price target on shares of Ericsson in a research note on Friday, June 30th. Citigroup Inc assumed coverage on shares of Ericsson in a research note on Thursday, June 8th. They set a “buy” rating on the stock. Societe Generale assumed coverage on shares of Ericsson in a research note on Wednesday, June 14th. They set a “hold” rating on the stock. Finally, Credit Suisse Group upgraded shares of Ericsson from an “underperform” rating to a “neutral” rating in a research note on Wednesday, April 12th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. Ericsson has an average rating of “Hold” and an average target price of $5.95.
Ericsson (ERIC) traded down 16.690% during midday trading on Tuesday, hitting $6.065. The stock had a trading volume of 22,171,469 shares. Ericsson has a 12 month low of $4.83 and a 12 month high of $7.82.
Ericsson (NASDAQ:ERIC) last issued its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by $0.03. Ericsson had a negative return on equity of 1.32% and a negative net margin of 4.93%. The firm had revenue of $49.90 billion for the quarter, compared to analyst estimates of $50.66 billion. During the same quarter last year, the firm earned $0.83 earnings per share. The company’s revenue was down 7.8% compared to the same quarter last year. On average, equities research analysts predict that Ericsson will post $0.30 EPS for the current year.
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A number of institutional investors have recently bought and sold shares of ERIC. Dodge & Cox bought a new position in Ericsson during the fourth quarter worth $11,480,000. Russell Investments Group Ltd. acquired a new position in shares of Ericsson during the fourth quarter worth approximately $1,692,000. Credit Suisse AG increased its position in shares of Ericsson by 912.8% in the first quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock worth $30,161,000 after buying an additional 4,093,879 shares in the last quarter. Koch Industries Inc. acquired a new position in shares of Ericsson during the first quarter worth approximately $247,000. Finally, Comerica Bank increased its position in shares of Ericsson by 8.4% in the fourth quarter. Comerica Bank now owns 183,748 shares of the communications equipment provider’s stock worth $1,088,000 after buying an additional 14,176 shares in the last quarter. 8.08% of the stock is currently owned by institutional investors.
Ericsson Company Profile
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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