Ericsson (ERIC) Stock Rating Reaffirmed by Cowen and Company
Ericsson (NASDAQ:ERIC)‘s stock had its “market perform” rating reiterated by stock analysts at Cowen and Company in a research report issued on Saturday. They presently have a $6.00 price target on the stock. Cowen and Company’s price target points to a potential upside of 10.50% from the company’s current price.
ERIC has been the topic of several other research reports. Zacks Investment Research upgraded shares of Ericsson from a “sell” rating to a “hold” rating in a report on Monday, June 20th. Goldman Sachs Group Inc. upgraded shares of Ericsson from a “sell” rating to a “neutral” rating in a report on Tuesday, June 21st. Vetr cut shares of Ericsson from a “hold” rating to a “sell” rating and set a $7.64 target price on the stock. in a report on Wednesday, June 22nd. Barclays PLC upgraded shares of Ericsson from an “underweight” rating to an “equal weight” rating in a report on Wednesday, July 6th. Finally, BMO Capital Markets restated a “hold” rating and issued a $8.00 target price on shares of Ericsson in a report on Monday, July 18th. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $8.21.
Ericsson (NASDAQ:ERIC) traded down 0.18% on Friday, hitting $5.43. 23,886,991 shares of the stock traded hands. The stock has a market cap of $17.71 billion, a price-to-earnings ratio of 11.27 and a beta of 0.92. Ericsson has a 52-week low of $5.35 and a 52-week high of $10.56. The company’s 50 day moving average price is $6.87 and its 200-day moving average price is $7.69.
Ericsson (NASDAQ:ERIC) last announced its quarterly earnings results on Tuesday, July 19th. The company reported $0.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.02. Ericsson had a net margin of 5.70% and a return on equity of 13.14%. On average, analysts forecast that Ericsson will post $0.51 earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. Hotchkis & Wiley Capital Management LLC increased its stake in shares of Ericsson by 44.2% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 40,979,684 shares of the company’s stock worth $314,724,000 after buying an additional 12,562,156 shares in the last quarter. Primecap Management Co. CA increased its stake in Ericsson by 4.6% in the first quarter. Primecap Management Co. CA now owns 78,258,204 shares of the company’s stock worth $784,930,000 after buying an additional 3,465,300 shares during the period. Brandes Investment Partners LP increased its stake in Ericsson by 32.6% in the second quarter. Brandes Investment Partners LP now owns 10,329,065 shares of the company’s stock worth $79,327,000 after buying an additional 2,541,781 shares during the period. Symons Capital Management Inc. acquired a new stake in Ericsson during the second quarter worth $15,018,000. Finally, Cambiar Investors LLC increased its stake in Ericsson by 10.7% in the second quarter. Cambiar Investors LLC now owns 18,024,576 shares of the company’s stock worth $138,429,000 after buying an additional 1,746,391 shares during the period. Institutional investors own 7.29% of the company’s stock.
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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