Ericsson (NASDAQ:ERIC) announced its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 EPS for the quarter, missing the consensus estimate of $0.05 by $0.03, Morningstar.com reports. 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 last year, the business earned $0.83 EPS. The company’s revenue for the quarter was down 7.8% on a year-over-year basis.
Ericsson (NASDAQ ERIC) traded down 0.33% during midday trading on Friday, reaching $6.00. 2,389,439 shares of the company’s stock were exchanged. Ericsson has a 12 month low of $4.83 and a 12 month high of $7.55.
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Several equities analysts have commented on ERIC shares. Cowen and Company reiterated a “market perform” rating and set a $3.00 price target (down previously from $4.00) on shares of Ericsson in a report on Saturday, April 29th. Bank of America Corporation reiterated a “buy” rating on shares of Ericsson in a report on Friday, June 2nd. ValuEngine upgraded Ericsson from a “strong sell” rating to a “sell” rating in a report on Friday, June 2nd. Citigroup Inc. assumed coverage on shares of Ericsson in a research note on Thursday, June 8th. They issued a “buy” rating on the stock. Finally, Societe Generale assumed coverage on shares of Ericsson in a research note on Wednesday, June 14th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Ericsson currently has a consensus rating of “Hold” and a consensus price target of $5.95.
Several hedge funds have recently added to or reduced their stakes in ERIC. Dodge & Cox bought a new stake in Ericsson during the fourth quarter valued at about $11,480,000. Russell Investments Group Ltd. bought a new stake in Ericsson during the fourth quarter valued at about $1,692,000. Credit Suisse AG raised its stake in Ericsson by 912.8% in 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. Koch Industries Inc. bought a new stake in Ericsson during the first quarter valued at about $247,000. Finally, Aperio Group LLC raised its stake in Ericsson by 5.9% in the second quarter. Aperio Group LLC now owns 1,142,005 shares of the communications equipment provider’s stock valued at $8,188,000 after buying an additional 63,960 shares during the period. 8.13% of the stock is currently owned by 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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