Ericsson (ERIC) Receives Consensus Rating of “Hold” from Analysts
Shares of Ericsson (NASDAQ:ERIC) have earned a consensus recommendation of “Hold” from the twenty-two research firms that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $5.35.
Several equities research analysts have commented on the stock. BidaskClub downgraded shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Ericsson in a research note on Saturday, August 26th. Canaccord Genuity reaffirmed a “neutral – hold” rating and issued a $7.00 target price on shares of Ericsson in a research note on Friday, June 30th. Citigroup Inc. assumed coverage on shares of Ericsson in a research report on Thursday, June 8th. They set a “buy” rating for the company. Finally, Societe Generale assumed coverage on shares of Ericsson in a research report on Wednesday, June 14th. They set a “hold” rating for the company.
Ericsson (NASDAQ:ERIC) opened at 5.68 on Friday. Ericsson has a 1-year low of $4.83 and a 1-year high of $7.47.
Ericsson (NASDAQ:ERIC) last issued 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). Ericsson had a negative net margin of 6.40% and a negative return on equity of 3.16%. The firm had revenue of $49.90 billion during the quarter, compared to the consensus estimate of $50.66 billion. During the same period in the previous year, the company posted $0.83 EPS. The firm’s revenue for the quarter was down 7.8% on a year-over-year basis. On average, analysts anticipate that Ericsson will post $0.23 EPS for the current year.
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A number of institutional investors and hedge funds have recently made changes to their positions in ERIC. Credit Suisse AG boosted its holdings in Ericsson by 912.8% during the first quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock worth $30,161,000 after purchasing an additional 4,093,879 shares during the last quarter. Primecap Management Co. CA boosted its holdings in Ericsson by 2.9% during the first quarter. Primecap Management Co. CA now owns 81,901,979 shares of the communications equipment provider’s stock worth $543,829,000 after purchasing an additional 2,290,675 shares during the last quarter. Westfield Capital Management Co. LP acquired a new position in Ericsson during the second quarter worth $15,331,000. Wellington Management Group LLP acquired a new position in Ericsson during the first quarter worth $14,129,000. Finally, Sei Investments Co. boosted its holdings in Ericsson by 215.4% during the second quarter. Sei Investments Co. now owns 2,986,334 shares of the communications equipment provider’s stock worth $21,412,000 after purchasing an additional 2,039,348 shares during the last quarter. Institutional investors and hedge funds own 7.95% of the company’s stock.
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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