Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) saw some unusual options trading activity on Tuesday. Traders bought 5,843 call options on the company. This is an increase of 70% compared to the average daily volume of 3,437 call options.
Hedge funds have recently modified their holdings of the stock. Cornerstone Advisors Inc. lifted its position in Telefonaktiebolaget LM Ericsson by 129.2% in the first quarter. Cornerstone Advisors Inc. now owns 3,317 shares of the communications equipment provider’s stock worth $27,000 after purchasing an additional 1,870 shares during the period. Synovus Financial Corp lifted its position in Telefonaktiebolaget LM Ericsson by 83.8% in the first quarter. Synovus Financial Corp now owns 6,578 shares of the communications equipment provider’s stock worth $53,000 after purchasing an additional 3,000 shares during the period. CWM Advisors LLC bought a new position in Telefonaktiebolaget LM Ericsson in the first quarter worth $73,000. Breiter Capital Management Inc. bought a new position in Telefonaktiebolaget LM Ericsson in the first quarter worth $86,000. Finally, Eaton Vance Management bought a new position in Telefonaktiebolaget LM Ericsson in the fourth quarter worth $97,000. 8.48% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on ERIC shares. Raymond James increased their price objective on Telefonaktiebolaget LM Ericsson from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. TheStreet upgraded Telefonaktiebolaget LM Ericsson from a “c+” rating to a “b” rating in a report on Wednesday, June 3rd. Credit Suisse Group reiterated an “outperform” rating on shares of Telefonaktiebolaget LM Ericsson in a report on Friday, April 17th. Canaccord Genuity reiterated a “buy” rating and set a $11.00 price target on shares of Telefonaktiebolaget LM Ericsson in a report on Thursday, March 26th. Finally, BidaskClub upgraded Telefonaktiebolaget LM Ericsson from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Telefonaktiebolaget LM Ericsson currently has a consensus rating of “Buy” and an average target price of $10.20.
Shares of ERIC traded up $0.04 during mid-day trading on Tuesday, hitting $9.28. The company’s stock had a trading volume of 5,745,864 shares, compared to its average volume of 10,339,909. Telefonaktiebolaget LM Ericsson has a one year low of $6.15 and a one year high of $9.88. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.97 and a current ratio of 1.22. The firm has a market capitalization of $30.81 billion, a PE ratio of 152.09, a price-to-earnings-growth ratio of 0.70 and a beta of 0.39. The stock’s 50-day moving average is $9.01 and its two-hundred day moving average is $8.49.
Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last posted its quarterly earnings data on Wednesday, April 22nd. The communications equipment provider reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. The company had revenue of $49.80 billion during the quarter, compared to analysts’ expectations of $53.03 billion. Telefonaktiebolaget LM Ericsson had a return on equity of 4.33% and a net margin of 0.90%. Telefonaktiebolaget LM Ericsson’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.80 earnings per share. Analysts expect that Telefonaktiebolaget LM Ericsson will post 0.51 EPS for the current fiscal year.
About Telefonaktiebolaget LM Ericsson
Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for service providers. It operates through four segments: Networks, Digital Services, Managed Services, and Emerging Business and Other. The Networks segment provides mobile radio access networks, transport solutions, and site solutions, as well as related services, such as network rollout, network tuning, and customer support.
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