Ericsson (ERIC) Shares Down 2.8%
Shares of Ericsson (NASDAQ:ERIC) traded down 2.8% on Monday . The company traded as low as $7.41 and last traded at $7.55, with a volume of 4,639,269 shares trading hands. The stock had previously closed at $7.77.
A number of analysts have weighed in on the company. Credit Agricole SA assumed coverage on Ericsson in a research report on Tuesday, April 12th. They issued a “sell” rating on the stock. Vetr lowered Ericsson from a “buy” rating to a “hold” rating and set a $10.20 price objective on the stock. in a research note on Wednesday, April 6th. TheStreet raised Ericsson from a “hold” rating to a “buy” rating in a research note on Monday, March 21st. Bank of America Corp. lowered Ericsson from a “buy” rating to a “neutral” rating in a research note on Thursday, April 21st. Finally, Cowen and Company lowered Ericsson from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $11.00 to $7.00 in a research note on Friday, April 22nd. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $9.16.
The stock has a 50 day moving average of $7.63 and a 200 day moving average of $8.64. The firm has a market capitalization of $24.57 billion and a P/E ratio of 14.81.
Ericsson (NASDAQ:ERIC) last issued its quarterly earnings results on Thursday, April 21st. The company reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $0.02. The firm earned $52.20 billion during the quarter, compared to the consensus estimate of $54.15 billion. During the same quarter last year, the firm posted $0.77 EPS. The business’s revenue was down 2.4% on a year-over-year basis. Analysts predict that Ericsson will post $0.60 EPS for the current fiscal year.
Several institutional investors have modified their holdings of the stock. OppenheimerFunds Inc. raised its position in shares of Ericsson by 9.8% in the fourth quarter. OppenheimerFunds Inc. now owns 473,605 shares of the company’s stock valued at $4,551,000 after buying an additional 42,294 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Ericsson by 1.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,790,991 shares of the company’s stock worth $17,211,000 after buying an additional 24,688 shares in the last quarter. TD Asset Management Inc. raised its stake in shares of Ericsson by 0.3% in the fourth quarter. TD Asset Management Inc. now owns 92,752 shares of the company’s stock worth $1,049,000 after buying an additional 237 shares in the last quarter. Russell Frank Co purchased a new stake in shares of Ericsson during the fourth quarter worth $1,368,000. Finally, US Bancorp DE raised its stake in shares of Ericsson by 15.9% in the fourth quarter. US Bancorp DE now owns 136,189 shares of the company’s stock worth $1,308,000 after buying an additional 18,723 shares in the last quarter.
Telefonaktiebolaget LM Ericsson is a Sweden-based telecommunications operator. The Company offers hardware, software and services that drive development in mobility, broadband and the cloud, creating ecosystems across various industries. Ericsson’s core businesses are Radio, Core and Transmission, and Telecom Services.
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