Ericsson (ERIC) Given “Neutral” Rating at Morgan Stanley
Several other analysts have also recently issued reports on ERIC. Vetr upgraded Ericsson from a hold rating to a buy rating and set a $7.69 price objective on the stock in a research note on Monday, June 13th. Zacks Investment Research raised Ericsson from a sell rating to a hold rating in a report on Monday, June 20th. Goldman Sachs Group Inc. raised Ericsson from a sell rating to a neutral rating in a report on Tuesday, June 21st. Barclays PLC raised Ericsson from an underweight rating to an equal weight rating in a report on Wednesday, July 6th. Finally, BMO Capital Markets reissued a hold rating and issued a $8.00 target price on shares of Ericsson in a report on Monday, July 18th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Hold and an average price target of $8.49.
Shares of Ericsson (NASDAQ:ERIC) traded down 2.36% during trading on Monday, hitting $7.02. The stock had a trading volume of 1,655,109 shares. Ericsson has a 12-month low of $6.68 and a 12-month high of $10.58. The stock’s 50-day moving average is $7.06 and its 200-day moving average is $7.76. The stock has a market cap of $22.90 billion, a price-to-earnings ratio of 14.56 and a beta of 0.92.
Ericsson (NASDAQ:ERIC) last announced its quarterly earnings data on Tuesday, July 19th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by $0.02. Ericsson had a net margin of 5.70% and a return on equity of 13.14%. On average, equities research analysts expect that Ericsson will post $0.51 EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in the company. Primecap Management Co. CA boosted its stake in Ericsson by 4.1% in the second quarter. Primecap Management Co. CA now owns 81,505,704 shares of the company’s stock valued at $625,964,000 after buying an additional 3,247,500 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Ericsson by 44.2% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 40,979,684 shares of the company’s stock valued at $314,724,000 after buying an additional 12,562,156 shares in the last quarter. Cambiar Investors LLC boosted its stake in shares of Ericsson by 10.7% in the second quarter. Cambiar Investors LLC now owns 18,024,576 shares of the company’s stock valued at $138,429,000 after buying an additional 1,746,391 shares in the last quarter. Brandes Investment Partners LP boosted its stake in shares of Ericsson by 32.6% in the second quarter. Brandes Investment Partners LP now owns 10,329,065 shares of the company’s stock valued at $79,327,000 after buying an additional 2,541,781 shares in the last quarter. Finally, Folketrygdfondet boosted its stake in shares of Ericsson by 4.2% in the first quarter. Folketrygdfondet now owns 7,443,161 shares of the company’s stock valued at $74,655,000 after buying an additional 300,000 shares in the last quarter. 7.29% of the stock is owned by hedge funds and other institutional investors.
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.
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