Ericsson’s (ERIC) Market Perform Rating Reaffirmed at BMO Capital Markets
BMO Capital Markets restated their market perform rating on shares of Ericsson (NASDAQ:ERIC) in a research note published on Thursday morning. They currently have a $7.00 price objective on the stock.
A number of other equities research analysts have also issued reports on ERIC. Zacks Investment Research upgraded shares of Ericsson from a sell rating to a hold rating in a report on Monday, June 20th. Goldman Sachs Group Inc. raised shares of Ericsson from a sell rating to a neutral rating in a research report on Tuesday, June 21st. Natixis downgraded shares of Ericsson from a buy rating to a neutral rating in a research report on Thursday. Canaccord Genuity dropped their price objective on shares of Ericsson from $8.50 to $7.00 and set a hold rating on the stock in a research report on Wednesday, July 20th. Finally, Bank of America Corp. reissued a hold rating on shares of Ericsson in a research report on Tuesday, July 26th. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Ericsson currently has a consensus rating of Hold and a consensus price target of $8.32.
Ericsson (NASDAQ:ERIC) traded up 0.092% during midday trading on Thursday, hitting $5.445. 11,150,591 shares of the stock traded hands. Ericsson has a one year low of $5.35 and a one year high of $10.58. The stock has a market cap of $17.76 billion, a price-to-earnings ratio of 11.297 and a beta of 0.92. The company has a 50-day moving average price of $6.93 and a 200 day moving average price of $7.72.
Ericsson (NASDAQ:ERIC) last released its earnings results on Tuesday, July 19th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.02. Ericsson had a return on equity of 13.14% and a net margin of 5.70%. Equities research analysts anticipate that Ericsson will post $0.51 earnings per share for the current year.
A number of hedge funds have recently bought and sold shares of ERIC. First Republic Investment Management Inc. boosted its stake in Ericsson by 71.3% in the first quarter. First Republic Investment Management Inc. now owns 499,360 shares of the company’s stock valued at $5,009,000 after buying an additional 207,770 shares in the last quarter. Orbis Allan Gray Ltd acquired a new stake in Ericsson during the first quarter valued at $1,605,000. Envestnet Asset Management Inc. raised its stake in Ericsson by 3.5% in the first quarter. Envestnet Asset Management Inc. now owns 659,396 shares of the company’s stock valued at $6,614,000 after buying an additional 22,225 shares during the last quarter. Renaissance Technologies LLC raised its stake in Ericsson by 123.3% in the first quarter. Renaissance Technologies LLC now owns 1,494,100 shares of the company’s stock valued at $14,986,000 after buying an additional 825,131 shares during the last quarter. Finally, Chubb Ltd. acquired a new stake in Ericsson during the first quarter valued at $15,045,000. 7.29% of the stock is currently 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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