ERIC has been the topic of a number of research reports. Citigroup Inc. initiated coverage on Ericsson in a research note on Thursday, June 8th. They issued a “buy” rating on the stock. Credit Suisse Group raised Ericsson from an “underperform” rating to a “neutral” rating in a research note on Wednesday, April 12th. Societe Generale assumed coverage on Ericsson in a report on Wednesday, June 14th. They issued a “hold” rating for the company. Cowen and Company reiterated a “market perform” rating and issued a $3.00 target price (down previously from $4.00) on shares of Ericsson in a report on Saturday, April 29th. Finally, Canaccord Genuity reiterated a “neutral – hold” rating and issued a $7.00 target price on shares of Ericsson in a report on Friday, June 30th.
Shares of Ericsson (NASDAQ:ERIC) have been given a consensus recommendation of “Hold” by the twenty-three brokerages that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $5.60.
Several large investors have recently modified their holdings of ERIC. Dodge & Cox purchased a new stake in shares of Ericsson during the fourth quarter valued at $11,480,000. Russell Investments Group Ltd. bought a new position in Ericsson during the fourth quarter valued at approximately $1,692,000. Credit Suisse AG raised its position in Ericsson by 912.8% in the first quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock valued at $30,161,000 after buying an additional 4,093,879 shares during the last quarter. Koch Industries Inc. bought a new position in Ericsson during the first quarter valued at approximately $247,000. Finally, Mackenzie Financial Corp bought a new position in Ericsson during the first quarter valued at approximately $109,000. Institutional investors and hedge funds own 8.06% of the company’s stock.
Shares of Ericsson (NASDAQ:ERIC) traded up 0.079% on Monday, reaching $6.345. 3,275,082 shares of the company were exchanged. Ericsson has a 12-month low of $4.83 and a 12-month high of $7.55.
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 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 the consensus estimate of $50.66 billion. During the same period in the previous year, the firm earned $0.83 EPS. The business’s revenue was down 7.8% compared to the same quarter last year. Equities research analysts anticipate that Ericsson will post $0.23 EPS for the current fiscal year.
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.