Ericsson (NASDAQ:ERIC) released its quarterly earnings results on Thursday. The company reported $0.07 EPS for the quarter, meeting analysts’ consensus estimates of $0.07. Ericsson had a return on equity of 6.19% and a net margin of 0.85%. The firm had revenue of $65.20 billion for the quarter, compared to analyst estimates of $6.77 billion. During the same quarter in the previous year, the company posted $2.50 EPS. The business’s revenue was down 11.4% on a year-over-year basis.
Shares of Ericsson (NASDAQ:ERIC) opened at 5.92 on Monday. Ericsson has a 12 month low of $4.83 and a 12 month high of $10.20. The stock has a market capitalization of $19.35 billion, a P/E ratio of 100.34 and a beta of 1.12. The company’s 50 day moving average price is $5.84 and its 200-day moving average price is $6.28.
A number of equities research analysts have commented on ERIC shares. J P Morgan Chase & Co lowered Ericsson from an “overweight” rating to a “neutral” rating in a research report on Tuesday, October 25th. Morgan Stanley reiterated a “neutral” rating on shares of Ericsson in a research report on Monday, October 10th. Wells Fargo & Company reiterated a “market perform” rating on shares of Ericsson in a research report on Friday, December 9th. Cowen and Company restated a “market perform” rating and set a $6.00 target price on shares of Ericsson in a research report on Saturday, October 15th. Finally, Goldman Sachs Group, Inc. (The) lowered Ericsson from a “neutral” rating to a “sell” rating and set a $6.00 target price on the stock. in a research report on Thursday, January 19th. Two investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $6.74.
A number of hedge funds and other institutional investors have recently made changes to their positions in ERIC. Stephens Inc. AR acquired a new position in shares of Ericsson during the third quarter worth about $104,000. Sterling Capital Management LLC increased its position in shares of Ericsson by 25.6% in the second quarter. Sterling Capital Management LLC now owns 14,382 shares of the company’s stock worth $110,000 after buying an additional 2,931 shares in the last quarter. OLD National Bancorp IN increased its position in shares of Ericsson by 3.2% in the third quarter. OLD National Bancorp IN now owns 16,142 shares of the company’s stock worth $116,000 after buying an additional 504 shares in the last quarter. Quantitative Systematic Strategies LLC acquired a new position in shares of Ericsson during the third quarter worth about $115,000. Finally, Smithfield Trust Co. acquired a new position in shares of Ericsson during the second quarter worth about $136,000. Institutional investors own 8.14% of the company’s stock.
Ericsson Company Profile
Telefonaktiebolaget LM Ericsson is a Sweden-based telecommunications operator. The Company offers hardware, software and services that drive development in mobility, broadband and the cloud, creating ecosystems across various industries. Ericsson’s core businesses are Radio, Core and Transmission, and Telecom Services.