Ericsson (ERIC) Lowered to Underperform at Cowen and Company
Other analysts have also recently issued research reports about the stock. BidaskClub cut shares of Ericsson from a strong-buy rating to a buy rating in a report on Thursday, July 27th. Canaccord Genuity reaffirmed a hold rating and issued a $6.00 price objective on shares of Ericsson in a report on Tuesday, July 18th. J P Morgan Chase & Co reaffirmed a hold rating on shares of Ericsson in a report on Tuesday, July 18th. Zacks Investment Research raised shares of Ericsson from a strong sell rating to a hold rating in a report on Monday, July 17th. Finally, Danske cut shares of Ericsson from a buy rating to a hold rating in a research note on Thursday, August 31st. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $5.34.
Shares of Ericsson (ERIC) traded up 9.32% during mid-day trading on Thursday, hitting $6.45. 14,032,735 shares of the stock traded hands. The firm’s 50 day moving average price is $5.78 and its 200-day moving average price is $6.41. Ericsson has a 12-month low of $4.83 and a 12-month high of $7.47. The stock’s market cap is $21.13 billion.
Ericsson (NASDAQ:ERIC) last released its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing the Zacks’ 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 firm had revenue of $49.90 billion during the quarter, compared to analyst estimates of $50.66 billion. During the same period last year, the business earned $0.83 EPS. The firm’s revenue was down 7.8% on a year-over-year basis. Analysts predict that Ericsson will post $0.04 earnings per share for the current year.
Several large investors have recently bought and sold shares of ERIC. Credit Suisse AG boosted its position in shares of Ericsson by 912.8% during 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 bought a new position in shares of Ericsson during the 2nd quarter valued at about $15,331,000. Wellington Management Group LLP bought a new position in shares of Ericsson during the 1st quarter valued at about $14,129,000. Sei Investments Co. boosted its position in shares of Ericsson by 215.4% during 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 boosted its position in shares of Ericsson by 26.8% during 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. Institutional investors own 7.95% of the company’s stock.
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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