Danske Downgrades Ericsson (ERIC) to Hold
Ericsson (NASDAQ:ERIC) was downgraded by equities researchers at Danske from a “buy” rating to a “hold” rating in a report issued on Thursday.
A number of other research analysts have also recently commented on ERIC. BidaskClub cut shares of Ericsson from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. Citigroup Inc. began coverage on shares of Ericsson in a research report on Thursday, June 8th. They set a “buy” rating on the stock. Bank of America Corporation reissued a “buy” rating on shares of Ericsson in a research report on Friday, June 2nd. Canaccord Genuity reissued a “hold” rating and set a $6.00 target price on shares of Ericsson in a research report on Tuesday, July 18th. Finally, J P Morgan Chase & Co reissued a “hold” rating on shares of Ericsson in a research report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company. Ericsson currently has a consensus rating of “Hold” and a consensus target price of $5.95.
Shares of Ericsson (NASDAQ ERIC) opened at 5.81 on Thursday. The stock has a 50 day moving average of $6.18 and a 200-day moving average of $6.58. Ericsson has a one year low of $4.83 and a one year high of $7.47. The firm’s market capitalization is $19.03 billion.
Ericsson (NASDAQ:ERIC) last released 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 quarterly revenue was down 7.8% compared to the same quarter last year. On average, equities analysts anticipate that Ericsson will post $0.23 earnings per share for the current fiscal year.
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Hedge funds have recently bought and sold shares of the stock. Quantum Capital Management bought a new stake in Ericsson during the first quarter valued at about $112,000. Brandes Investment Partners LP boosted its stake in Ericsson by 9.1% in the first quarter. Brandes Investment Partners LP now owns 10,712,458 shares of the communications equipment provider’s stock valued at $71,131,000 after buying an additional 894,358 shares in the last quarter. Pinnacle Associates Ltd. bought a new stake in Ericsson during the first quarter valued at about $344,000. Envestnet Asset Management Inc. boosted its stake in Ericsson by 57.3% in the first quarter. Envestnet Asset Management Inc. now owns 583,503 shares of the communications equipment provider’s stock valued at $3,874,000 after buying an additional 212,593 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Ericsson by 17.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 65,142 shares of the communications equipment provider’s stock valued at $433,000 after buying an additional 9,842 shares in the last quarter. 7.95% of the stock is currently owned by hedge funds and other institutional investors.
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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