Analysts Expect Ericsson (ERIC) Will Post Earnings of $0.01 Per Share
Wall Street brokerages expect Ericsson (NASDAQ:ERIC) to post $0.01 earnings per share (EPS) for the current quarter, Zacks reports. Two analysts have issued estimates for Ericsson’s earnings, with estimates ranging from ($0.02) to $0.05. Ericsson reported earnings per share of $0.04 in the same quarter last year, which suggests a negative year-over-year growth rate of 75%. The company is scheduled to issue its next earnings report before the market opens on Friday, October 20th.
According to Zacks, analysts expect that Ericsson will report full year earnings of ($0.01) per share for the current financial year, with EPS estimates ranging from ($0.20) to $0.22. For the next year, analysts anticipate that the firm will post earnings of $0.29 per share, with EPS estimates ranging from $0.18 to $0.35. Zacks’ earnings per share calculations are an average based on a survey of research firms that that provide coverage for Ericsson.
Ericsson (NASDAQ:ERIC) last issued its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.03). The company had revenue of $49.90 billion during the quarter, compared to analysts’ expectations of $50.66 billion. Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. Ericsson’s revenue was down 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.83 EPS.
A number of research analysts have recently weighed in on the company. BidaskClub cut Ericsson from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Canaccord Genuity restated a “neutral – hold” rating and issued a $7.00 price target on shares of Ericsson in a research report on Friday, June 30th. Credit Suisse Group cut Ericsson from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $6.00 to $4.65 in a research report on Tuesday, October 3rd. Zacks Investment Research raised Ericsson from a “strong sell” rating to a “hold” rating in a research note on Monday, July 17th. Finally, BNP Paribas raised Ericsson from a “neutral” rating to an “outperform” rating in a research note on Thursday, September 21st. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. Ericsson currently has a consensus rating of “Hold” and a consensus price target of $5.18.
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Shares of Ericsson (NASDAQ ERIC) opened at 5.95 on Monday. Ericsson has a 52 week low of $4.83 and a 52 week high of $7.47. The firm’s market cap is $19.49 billion. The firm’s 50-day moving average is $5.75 and its 200 day moving average is $6.43.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ERIC. Credit Suisse AG lifted its stake in shares of Ericsson by 912.8% in the 1st quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock valued at $30,161,000 after purchasing an additional 4,093,879 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in shares of Ericsson in the 2nd quarter valued at about $15,331,000. Wellington Management Group LLP acquired a new position in shares of Ericsson in the 1st quarter valued at about $14,129,000. Sei Investments Co. lifted its stake in shares of Ericsson by 215.4% in the 2nd quarter. Sei Investments Co. now owns 2,986,334 shares of the communications equipment provider’s stock valued at $21,412,000 after purchasing an additional 2,039,348 shares in the last quarter. Finally, Folketrygdfondet lifted its stake in shares of Ericsson by 26.8% in the 2nd quarter. Folketrygdfondet now owns 8,432,504 shares of the communications equipment provider’s stock valued at $60,461,000 after purchasing an additional 1,780,000 shares in the last quarter. 7.95% of the stock is currently owned by institutional investors and hedge funds.
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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