Ericsson (ERIC) Announces Quarterly Earnings Results

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.

About Ericsson

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.

Earnings History for Ericsson (NASDAQ:ERIC)

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