Ericsson (ERIC) Upgraded to “Outperform” at BNP Paribas
ERIC has been the topic of several other reports. BidaskClub downgraded Ericsson from a buy rating to a hold rating in a report on Saturday, August 12th. J P Morgan Chase & Co restated a neutral rating on shares of Ericsson in a report on Saturday, August 26th. Canaccord Genuity restated a neutral – hold rating and set a $7.00 price objective on shares of Ericsson in a report on Friday, June 30th. Citigroup Inc. began coverage on Ericsson in a report on Thursday, June 8th. They set a buy rating on the stock. Finally, Societe Generale began coverage on Ericsson in a report on Wednesday, June 14th. They set a hold rating on the stock. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $5.76.
Ericsson (NASDAQ:ERIC) traded down 0.18% during mid-day trading on Thursday, hitting $5.67. 7,322,592 shares of the company were exchanged. Ericsson has a 12 month low of $4.83 and a 12 month high of $7.47.
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 the consensus estimate 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 business had revenue of $49.90 billion for the quarter, compared to analysts’ expectations of $50.66 billion. During the same quarter in the prior year, the firm earned $0.83 earnings per share. Ericsson’s revenue for the quarter was down 7.8% compared to the same quarter last year. On average, equities analysts forecast that Ericsson will post $0.23 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Two Sigma Securities LLC acquired a new position in Ericsson during the 1st quarter valued at approximately $106,000. Mackenzie Financial Corp acquired a new position in Ericsson during the 1st quarter valued at approximately $109,000. GenTrust LLC acquired a new position in Ericsson during the 2nd quarter valued at approximately $120,000. Boyd Watterson Asset Management LLC OH boosted its position in Ericsson by 1.0% during the 2nd quarter. Boyd Watterson Asset Management LLC OH now owns 18,092 shares of the communications equipment provider’s stock valued at $130,000 after purchasing an additional 174 shares during the period. Finally, Ronald Blue & Co. LLC boosted its position in Ericsson by 7.0% during the 2nd quarter. Ronald Blue & Co. LLC now owns 19,716 shares of the communications equipment provider’s stock valued at $141,000 after purchasing an additional 1,283 shares during the period. Institutional investors and hedge funds own 7.95% of the company’s stock.
Ericsson Company Profile
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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