Ericsson (NASDAQ:ERIC) Given Consensus Recommendation of “Hold” by Analysts

Ericsson (NASDAQ:ERIC) has earned a consensus rating of “Hold” from the nine brokerages that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $11.00.

Several equities analysts have recently weighed in on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Ericsson in a research report on Tuesday, June 2nd. Citigroup reiterated a “neutral” rating on shares of Ericsson in a report on Wednesday. Wall Street Zen lowered shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Danske upgraded shares of Ericsson from a “hold” rating to a “buy” rating in a report on Wednesday.

Institutional Investors Weigh In On Ericsson

Institutional investors and hedge funds have recently modified their holdings of the stock. Hennessy Advisors Inc. boosted its stake in shares of Ericsson by 10.3% during the 4th quarter. Hennessy Advisors Inc. now owns 16,324 shares of the communications equipment provider’s stock worth $158,000 after acquiring an additional 1,518 shares in the last quarter. RNC Capital Management LLC raised its position in shares of Ericsson by 2.5% during the fourth quarter. RNC Capital Management LLC now owns 64,667 shares of the communications equipment provider’s stock worth $624,000 after purchasing an additional 1,576 shares during the period. Geode Capital Management LLC raised its position in shares of Ericsson by 0.7% during the second quarter. Geode Capital Management LLC now owns 250,389 shares of the communications equipment provider’s stock worth $2,123,000 after purchasing an additional 1,658 shares during the period. Dorsey & Whitney Trust CO LLC lifted its holdings in shares of Ericsson by 7.2% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 42,902 shares of the communications equipment provider’s stock valued at $414,000 after purchasing an additional 2,869 shares during the last quarter. Finally, Brown Brothers Harriman & Co. purchased a new stake in shares of Ericsson during the third quarter valued at $28,000. Institutional investors and hedge funds own 7.99% of the company’s stock.

Ericsson Trading Down 1.8%

Shares of Ericsson stock opened at $9.89 on Friday. The business has a fifty day simple moving average of $11.98 and a 200-day simple moving average of $11.34. Ericsson has a fifty-two week low of $7.16 and a fifty-two week high of $13.77. The firm has a market cap of $33.34 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 1.84 and a beta of 0.93. The company has a quick ratio of 0.93, a current ratio of 1.12 and a debt-to-equity ratio of 0.21.

Ericsson (NASDAQ:ERIC) last released its earnings results on Tuesday, July 14th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.13. Ericsson had a return on equity of 20.67% and a net margin of 10.72%.The firm had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.66 billion. On average, equities analysts forecast that Ericsson will post 0.62 EPS for the current fiscal year.

About Ericsson

Ericsson AB is a Swedish multinational telecommunications equipment and services company headquartered in Stockholm. Founded in 1876 by Lars Magnus Ericsson, the company designs, develops and sells infrastructure, software and services that enable mobile and fixed-line networks worldwide. Ericsson serves a global customer base that includes mobile network operators, enterprise customers and public-sector organizations across Europe, the Americas, Asia-Pacific, the Middle East and Africa.

The company’s core activities center on building and modernizing network infrastructure, with a particular focus on radio access networks (RAN), core network software, cloud-native solutions and network management systems.