Ericsson (NASDAQ:ERIC) Receives Consensus Recommendation of "Reduce" from Analysts
Ericsson (NASDAQ:ERIC) has received a consensus "Reduce" rating from nine analysts, with two recommending "sell" and seven "hold." The average 1-year price target is $9.80. Recent analyst actions include downgrades and reiterations of underperform and hold ratings. Ericsson's stock opened at $9.68, with a market cap of $32.41 billion. The company reported better-than-expected earnings for the last quarter, but revenue was down 9% year-over-year. Institutional investors have been actively trading Ericsson shares.
Ericsson (NASDAQ:ERIC - Get Free Report) has been given an average rating of "Reduce" by the nine analysts that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation and seven have assigned a hold recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $9.80.
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A number of research firms recently commented on ERIC. Wall Street Zen cut Ericsson from a "strong-buy" rating to a "buy" rating in a report on Saturday, October 18th. BNP Paribas reiterated an "underperform" rating on shares of Ericsson in a report on Wednesday, September 3rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of Ericsson in a research report on Monday. Cfra Research raised Ericsson to a "hold" rating in a research report on Wednesday, October 15th. Finally, Barclays restated an "underweight" rating on shares of Ericsson in a research note on Wednesday, October 15th.
View Our Latest Report on ERIC
Ericsson Trading Up 0.6%
Shares of ERIC stock opened at $9.68 on Thursday. The company has a current ratio of 1.17, a quick ratio of 0.94 and a debt-to-equity ratio of 0.29. Ericsson has a twelve month low of $6.64 and a twelve month high of $10.35. The company's 50-day moving average price is $9.31 and its 200-day moving average price is $8.48. The stock has a market cap of $32.41 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 1.56 and a beta of 0.91.
Ericsson (NASDAQ:ERIC - Get Free Report) last issued its earnings results on Tuesday, October 14th. The communications equipment provider reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. Ericsson had a net margin of 10.44% and a return on equity of 21.50%. The company had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $57.16 billion. During the same period in the previous year, the firm earned $1.14 earnings per share. Ericsson's quarterly revenue was down 9.0% compared to the same quarter last year. As a group, equities analysts predict that Ericsson will post 0.48 earnings per share for the current year.
Institutional Trading of Ericsson
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Acadian Asset Management LLC boosted its stake in shares of Ericsson by 0.6% in the first quarter. Acadian Asset Management LLC now owns 87,313,506 shares of the communications equipment provider's stock valued at $677,498,000 after purchasing an additional 482,691 shares during the period. ABC Arbitrage SA boosted its position in Ericsson by 64.6% in the 2nd quarter. ABC Arbitrage SA now owns 5,121,349 shares of the communications equipment provider's stock valued at $43,429,000 after buying an additional 2,009,723 shares during the period. Northern Trust Corp grew its stake in shares of Ericsson by 106.6% in the first quarter. Northern Trust Corp now owns 3,659,696 shares of the communications equipment provider's stock worth $28,399,000 after acquiring an additional 1,888,375 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Ericsson by 42.9% in the second quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider's stock worth $28,408,000 after acquiring an additional 1,005,398 shares in the last quarter. Finally, Jane Street Group LLC increased its position in shares of Ericsson by 113.0% during the first quarter. Jane Street Group LLC now owns 2,387,985 shares of the communications equipment provider's stock worth $18,531,000 after acquiring an additional 1,266,788 shares during the period. 7.99% of the stock is currently owned by hedge funds and other institutional investors.
Ericsson Company Profile
(Get Free Report)Telefonaktiebolaget LM Ericsson (publ), together with its subsidiaries, provides mobile connectivity solutions for telcom operators and enterprise customers in various sectors in North America, Europe, Latin America, the Middle East, Africa, North East Asia, South East Asia, Oceania, and India. It operates in four segments: Networks; Cloud Software and Services; Enterprise; and Other.
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