Ericsson (NASDAQ:ERIC) had its price target dropped by Canaccord Genuity from $5.75 to $5.25 in a research note issued to investors on Monday. The firm presently has a “hold” rating on the communications equipment provider’s stock. Canaccord Genuity’s price objective suggests a potential downside of 18.60% from the stock’s previous close.
The analysts wrote, “KMB printed a low-quality 3Q EPS beat ($1.60 vs. $1.54), incl. modest org sales growth (low end of flat/+1% mkt expectations, +1.7% Street), a GM % miss, and $0.08 from other inc./lower taxes. KMB maintained its (ambitious) FY17 org sales guide of flat/up modestly and EPS guide at low-end of $6.20-$6.35 range (Street $6.20).””
A number of other equities analysts also recently weighed in on ERIC. BidaskClub upgraded Ericsson from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 14th. Zacks Investment Research upgraded Ericsson from a “strong sell” rating to a “hold” rating in a research note on Monday, July 17th. J P Morgan Chase & Co restated a “hold” rating on shares of Ericsson in a research note on Tuesday, July 18th. Danske downgraded Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. Finally, BNP Paribas upgraded Ericsson from a “neutral” rating to an “outperform” rating in a research note on Thursday, September 21st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $5.34.
Ericsson (NASDAQ ERIC) traded up 0.31% during mid-day trading on Monday, hitting $6.47. The stock had a trading volume of 1,683,567 shares. Ericsson has a 1-year low of $4.83 and a 1-year high of $7.47. The stock’s market cap is $21.20 billion. The firm’s 50-day moving average price is $5.78 and its 200-day moving average price is $6.41.
Ericsson (NASDAQ:ERIC) last announced its earnings results on Friday, October 20th. The communications equipment provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07). Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. The business had revenue of $47.80 billion during the quarter, compared to analysts’ expectations of $47.21 billion. During the same quarter in the previous year, the firm earned $0.34 EPS. Ericsson’s quarterly revenue was down 6.5% on a year-over-year basis. On average, equities analysts expect that Ericsson will post $0.04 earnings per share for the current year.
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Several institutional investors have recently added to or reduced their stakes in the company. Eqis Capital Management Inc. increased its holdings in shares of Ericsson by 584.8% in the third quarter. Eqis Capital Management Inc. now owns 79,624 shares of the communications equipment provider’s stock worth $458,000 after purchasing an additional 67,996 shares during the period. OLD Mission Capital LLC bought a new position in shares of Ericsson in the second quarter worth $6,213,000. The Manufacturers Life Insurance Company increased its holdings in shares of Ericsson by 15.1% in the second quarter. The Manufacturers Life Insurance Company now owns 43,775 shares of the communications equipment provider’s stock worth $314,000 after purchasing an additional 5,746 shares during the period. Ulysses Management LLC bought a new position in shares of Ericsson in the second quarter worth $7,170,000. Finally, First Allied Advisory Services Inc. increased its holdings in shares of Ericsson by 14.1% in the second quarter. First Allied Advisory Services Inc. now owns 24,841 shares of the communications equipment provider’s stock worth $176,000 after purchasing an additional 3,064 shares during the period. 7.95% of the stock is currently owned by hedge funds and other institutional investors.
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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