Ericsson (NASDAQ:ERIC) Given Consensus Rating of “Reduce” by Brokerages

by · The Cerbat Gem

Ericsson (NASDAQ:ERIC – Get Free Report) has earned an average recommendation of “Reduce” from the nine research firms that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $9.80.

ERIC has been the topic of a number of research analyst reports. Jefferies Financial Group upgraded Ericsson to a “hold” rating in a research report on Monday, October 13th. Danske lowered Ericsson to a “hold” rating in a research report on Wednesday, October 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of Ericsson in a report on Monday. Wall Street Zen lowered shares of Ericsson from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 18th. Finally, Citigroup reiterated a “neutral” rating on shares of Ericsson in a research report on Wednesday, October 22nd.

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Hedge Funds Weigh In On Ericsson

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Federated Hermes Inc. purchased a new stake in shares of Ericsson during the first quarter worth approximately $27,000. Brown Brothers Harriman & Co. acquired a new position in Ericsson during the third quarter worth $28,000. Cromwell Holdings LLC raised its position in Ericsson by 72.8% in the second quarter. Cromwell Holdings LLC now owns 10,276 shares of the communications equipment provider’s stock worth $87,000 after acquiring an additional 4,330 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in Ericsson by 692.4% in the first quarter. Caitong International Asset Management Co. Ltd now owns 12,456 shares of the communications equipment provider’s stock valued at $97,000 after acquiring an additional 10,884 shares during the period. Finally, Jones Financial Companies Lllp boosted its position in shares of Ericsson by 12.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider’s stock worth $107,000 after purchasing an additional 1,441 shares in the last quarter. Hedge funds and other institutional investors own 7.99% of the company’s stock.

Ericsson Stock Up 0.6%

ERIC stock opened at $9.68 on Thursday. The company’s 50 day moving average price is $9.31 and its 200 day moving average price is $8.48. The firm has a market capitalization 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 has a fifty-two week low of $6.64 and a fifty-two week high of $10.35. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.94 and a current ratio of 1.17.

Ericsson (NASDAQ:ERIC – Get Free Report) last posted its quarterly earnings results on Tuesday, October 14th. The communications equipment provider reported $0.16 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $57.16 billion. During the same quarter in the previous year, the business posted $1.14 EPS. The firm’s revenue was down 9.0% on a year-over-year basis. On average, equities research analysts anticipate that Ericsson will post 0.48 EPS for the current fiscal year.

About Ericsson

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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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