Ericsson (ERIC) Downgraded by Danske
Ericsson (NASDAQ:ERIC) was downgraded by analysts at Danske from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
Other equities analysts have also issued research reports about the company. BidaskClub lowered Ericsson from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 27th. Citigroup Inc. started coverage on Ericsson in a research note on Thursday, June 8th. They issued a “buy” rating on the stock. Bank of America Corporation reissued a “buy” rating on shares of Ericsson in a research note on Friday, June 2nd. Canaccord Genuity reissued a “hold” rating and issued a $6.00 price objective on shares of Ericsson in a research note on Tuesday, July 18th. Finally, J P Morgan Chase & Co reissued a “hold” rating on shares of Ericsson in a research note on Tuesday, July 18th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $5.95.
Shares of Ericsson (NASDAQ ERIC) traded down 1.441% during trading on Thursday, reaching $5.815. 1,064,719 shares of the company’s stock traded hands. Ericsson has a 1-year low of $4.83 and a 1-year high of $7.47.
Ericsson (NASDAQ:ERIC) last posted its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by $0.03. The business had revenue of $49.90 billion during the quarter, compared to analyst estimates of $50.66 billion. Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. Ericsson’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.83 EPS. Equities analysts forecast that Ericsson will post $0.23 earnings per share for the current fiscal year.
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Several institutional investors have recently modified their holdings of the stock. Primecap Management Co. CA raised its position in shares of Ericsson by 2.9% in the first quarter. Primecap Management Co. CA now owns 81,901,979 shares of the communications equipment provider’s stock valued at $543,829,000 after buying an additional 2,290,675 shares during the period. Brandes Investment Partners LP raised its position in shares of Ericsson by 9.1% in the first quarter. Brandes Investment Partners LP now owns 10,712,458 shares of the communications equipment provider’s stock valued at $71,131,000 after buying an additional 894,358 shares during the period. Folketrygdfondet raised its position in Ericsson by 26.8% in the second quarter. Folketrygdfondet now owns 8,432,504 shares of the communications equipment provider’s stock valued at $60,461,000 after buying an additional 1,780,000 shares during the last quarter. Credit Suisse AG raised its position in Ericsson by 912.8% in the first quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock valued at $30,161,000 after buying an additional 4,093,879 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in Ericsson by 1.8% in the second quarter. Parametric Portfolio Associates LLC now owns 3,167,532 shares of the communications equipment provider’s stock valued at $22,711,000 after buying an additional 54,557 shares during the last quarter. 7.95% of the stock is currently owned by institutional investors and hedge funds.
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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