Analysts Expect Ericsson (ERIC) Will Post Quarterly Sales of $5.71 Billion
Analysts expect that Ericsson (NASDAQ:ERIC) will post sales of $5.71 billion for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Ericsson’s earnings, with estimates ranging from $5.63 billion to $5.79 billion. Ericsson reported sales of $5.99 billion during the same quarter last year, which would indicate a negative year over year growth rate of 4.7%. The firm is scheduled to announce its next quarterly earnings report before the market opens on Friday, October 20th.
On average, analysts expect that Ericsson will report full-year sales of $5.71 billion for the current year, with estimates ranging from $24.05 billion to $24.37 billion. For the next fiscal year, analysts forecast that the company will post sales of $23.99 billion per share, with estimates ranging from $23.56 billion to $24.42 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Ericsson.
Ericsson (NASDAQ:ERIC) last posted its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by $0.03. Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. The firm had revenue of $49.90 billion during the quarter, compared to analysts’ expectations of $50.66 billion. During the same quarter in the previous year, the company posted $0.83 earnings per share. Ericsson’s revenue for the quarter was down 7.8% compared to the same quarter last year.
Several brokerages recently issued reports on ERIC. BidaskClub raised shares of Ericsson from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 14th. Citigroup Inc. began coverage on shares of Ericsson in a research note on Thursday, June 8th. They set a “buy” rating on the stock. Danske downgraded shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. J P Morgan Chase & Co reissued a “neutral” rating on shares of Ericsson in a research note on Saturday, August 26th. Finally, ValuEngine raised shares of Ericsson from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $5.95.
Ericsson (NASDAQ:ERIC) traded up 1.134% during trading on Thursday, hitting $5.795. The stock had a trading volume of 1,817,540 shares. The firm’s market cap is $18.98 billion. Ericsson has a 52-week low of $4.83 and a 52-week high of $7.47. The company has a 50-day moving average of $6.09 and a 200 day moving average of $6.58.
A number of hedge funds have recently modified their holdings of ERIC. OLD National Bancorp IN increased its position in Ericsson by 8.1% during the first quarter. OLD National Bancorp IN now owns 15,786 shares of the communications equipment provider’s stock worth $105,000 after purchasing an additional 1,181 shares during the last quarter. Two Sigma Securities LLC acquired a new position in Ericsson during the first quarter worth approximately $106,000. Mackenzie Financial Corp acquired a new position in Ericsson during the first quarter worth approximately $109,000. Quantum Capital Management acquired a new position in Ericsson during the first quarter worth approximately $112,000. Finally, GenTrust LLC acquired a new position in Ericsson during the second quarter worth approximately $120,000. 7.95% of the stock is owned by hedge funds and other institutional investors.
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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