Morgan Stanley Reaffirms Neutral Rating for Ericsson (ERIC)
A number of other brokerages have also issued reports on ERIC. Vetr lowered Ericsson from a hold rating to a sell rating and set a $7.64 price target for the company. in a research note on Wednesday, June 22nd. Goldman Sachs Group Inc. raised Ericsson from a sell rating to a neutral rating in a research note on Tuesday, June 21st. Zacks Investment Research raised Ericsson from a sell rating to a hold rating in a research note on Monday, June 20th. BMO Capital Markets reaffirmed a hold rating and set a $8.00 price target on shares of Ericsson in a research note on Monday, July 18th. Finally, Bank of America Corp. reaffirmed a hold rating on shares of Ericsson in a research note on Tuesday, July 26th. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $8.49.
Ericsson (NASDAQ:ERIC) opened at 5.55 on Monday. The company has a 50-day moving average price of $6.99 and a 200 day moving average price of $7.74. The firm has a market capitalization of $18.10 billion, a price-to-earnings ratio of 11.51 and a beta of 0.92. Ericsson has a 1-year low of $5.54 and a 1-year high of $10.58.
Ericsson (NASDAQ:ERIC) last issued its quarterly earnings results on Tuesday, July 19th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by $0.02. Ericsson had a net margin of 5.70% and a return on equity of 13.14%. Equities analysts anticipate that Ericsson will post $0.51 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. First Republic Investment Management Inc. raised its stake in Ericsson by 71.3% in the first quarter. First Republic Investment Management Inc. now owns 499,360 shares of the company’s stock worth $5,009,000 after buying an additional 207,770 shares during the last quarter. Orbis Allan Gray Ltd acquired a new stake in Ericsson during the first quarter worth about $1,605,000. Envestnet Asset Management Inc. raised its stake in Ericsson by 3.5% in the first quarter. Envestnet Asset Management Inc. now owns 659,396 shares of the company’s stock worth $6,614,000 after buying an additional 22,225 shares during the last quarter. Renaissance Technologies LLC raised its stake in Ericsson by 123.3% in the first quarter. Renaissance Technologies LLC now owns 1,494,100 shares of the company’s stock worth $14,986,000 after buying an additional 825,131 shares during the last quarter. Finally, Chubb Ltd. acquired a new stake in Ericsson during the first quarter worth about $15,045,000. Institutional investors own 7.29% of the company’s stock.
Ericsson Company Profile
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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