Ericsson (NASDAQ:ERIC) was upgraded by stock analysts at Cowen from an “underperform” rating to a “market perform” rating in a research note issued to investors on Friday, The Fly reports.
A number of other equities research analysts have also recently issued reports on the stock. Berenberg Bank assumed coverage on shares of Ericsson in a research report on Wednesday, April 11th. They set a “hold” rating for the company. Zacks Investment Research upgraded shares of Ericsson from a “sell” rating to a “hold” rating in a research report on Monday, April 9th. BidaskClub cut shares of Ericsson from a “sell” rating to a “strong sell” rating in a research report on Friday, April 6th. ValuEngine cut shares of Ericsson from a “hold” rating to a “sell” rating in a research report on Wednesday, March 7th. Finally, Bank of America cut shares of Ericsson from a “buy” rating to an “underperform” rating in a research report on Monday, February 5th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $4.91.
Shares of NASDAQ:ERIC traded up $1.10 during midday trading on Friday, reaching $7.74. 28,351,152 shares of the company’s stock were exchanged, compared to its average volume of 5,139,639. The company has a market capitalization of $21,238.54, a price-to-earnings ratio of -16.51 and a beta of 0.82. Ericsson has a 12 month low of $5.52 and a 12 month high of $7.93. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.33 and a current ratio of 1.59.
Ericsson (NASDAQ:ERIC) last announced its earnings results on Friday, April 20th. The communications equipment provider reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.04. The business had revenue of $43.40 billion during the quarter, compared to analysts’ expectations of $43.59 billion. Ericsson had a negative net margin of 17.57% and a negative return on equity of 11.30%. The firm’s revenue for the quarter was down 9.2% on a year-over-year basis. During the same quarter last year, the company posted ($2.42) EPS. sell-side analysts forecast that Ericsson will post 0.05 EPS for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Lockheed Martin Investment Management Co. increased its position in Ericsson by 5.5% in the 4th quarter. Lockheed Martin Investment Management Co. now owns 179,300 shares of the communications equipment provider’s stock valued at $1,198,000 after acquiring an additional 9,300 shares in the last quarter. Keybank National Association OH acquired a new stake in Ericsson in the 4th quarter valued at about $100,000. Bank of Montreal Can increased its position in Ericsson by 18.4% in the 4th quarter. Bank of Montreal Can now owns 102,038 shares of the communications equipment provider’s stock valued at $682,000 after acquiring an additional 15,847 shares in the last quarter. Bank of New York Mellon Corp increased its position in Ericsson by 22.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 118,171 shares of the communications equipment provider’s stock valued at $679,000 after acquiring an additional 21,496 shares in the last quarter. Finally, James Hambro & Partners acquired a new stake in Ericsson in the 4th quarter valued at about $157,000. Hedge funds and other institutional investors own 8.32% of the company’s stock.
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Ericsson Company Profile
Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for networks, IT and cloud, and media markets worldwide. It operates through four segments: Networks, Digital Services, Managed Services, and Other. The Networks segment provides mobile radio access networks, transport solutions, and site solutions, as well as related services, such as network rollout, network tuning, and customer support.
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