Wall Street brokerages predict that Ericsson (NASDAQ:ERIC) will post sales of $5.79 billion for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Ericsson’s earnings. Ericsson reported sales of $5.99 billion in the same quarter last year, which would indicate a negative year over year growth rate of 3.3%. The firm is expected to report its next earnings report before the market opens on Friday, October 20th.
According to Zacks, analysts expect that Ericsson will report full year sales of $5.79 billion for the current financial year, with estimates ranging from $24.17 billion to $24.37 billion. For the next year, analysts anticipate that the firm will report sales of $24.14 billion per share, with estimates ranging from $23.86 billion to $24.42 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Ericsson.
Ericsson (NASDAQ:ERIC) last released its earnings results 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 net margin of 6.40% and a negative return on equity of 3.16%. The company had revenue of $49.90 billion for the quarter, compared to analyst estimates of $50.66 billion. During the same quarter in the previous year, the firm earned $0.83 EPS. The firm’s revenue was down 7.8% on a year-over-year basis.
A number of analysts recently commented on ERIC shares. Canaccord Genuity reaffirmed a “neutral – hold” rating and issued a $7.00 price target on shares of Ericsson in a research note on Friday, June 30th. BidaskClub raised Ericsson from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 14th. Zacks Investment Research raised Ericsson from a “strong sell” rating to a “hold” rating in a research note on Monday, July 17th. J P Morgan Chase & Co reaffirmed a “hold” rating on shares of Ericsson in a research note on Tuesday, July 18th. Finally, Danske lowered Ericsson from a “buy” rating to a “hold” rating in a research report on Thursday, August 31st. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. Ericsson currently has an average rating of “Hold” and a consensus price target of $5.18.
A number of institutional investors have recently made changes to their positions in ERIC. Credit Suisse AG lifted its position in Ericsson by 912.8% during 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 period. Westfield Capital Management Co. LP purchased a new position in shares of Ericsson in the 2nd quarter worth about $15,331,000. Wellington Management Group LLP purchased a new position in shares of Ericsson in the 1st quarter worth about $14,129,000. Sei Investments Co. raised its position in shares of Ericsson by 215.4% in the 2nd quarter. Sei Investments Co. now owns 2,986,334 shares of the communications equipment provider’s stock worth $21,412,000 after purchasing an additional 2,039,348 shares during the last quarter. Finally, Folketrygdfondet raised its position in shares of Ericsson by 26.8% in the 2nd quarter. Folketrygdfondet now owns 8,432,504 shares of the communications equipment provider’s stock worth $60,461,000 after purchasing an additional 1,780,000 shares during the last quarter. 7.95% of the stock is owned by institutional investors and hedge funds.
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Shares of Ericsson (NASDAQ ERIC) traded up 1.36% during mid-day trading on Wednesday, reaching $5.98. 2,750,795 shares of the company’s stock were exchanged. Ericsson has a one year low of $4.83 and a one year high of $7.47.
Ericsson Company Profile
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.
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