Telefonaktiebolaget LM Ericsson (ERIC) Shares Gap Up Following Analyst Upgrade

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC)’s share price gapped up prior to trading on Thursday after Bank of America raised their price target on the stock from $8.50 to $8.70. The stock had previously closed at $8.25, but opened at $8.47. Bank of America currently has a neutral rating on the stock. Telefonaktiebolaget LM Ericsson shares last traded at $8.61, with a volume of 4524558 shares.

Other equities analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Telefonaktiebolaget LM Ericsson from a “hold” rating to a “buy” rating and set a $8.50 target price for the company in a report on Tuesday, July 3rd. DZ Bank reiterated a “$8.27” rating on shares of Telefonaktiebolaget LM Ericsson in a report on Wednesday, July 18th. ValuEngine downgraded shares of Telefonaktiebolaget LM Ericsson from a “buy” rating to a “hold” rating in a report on Tuesday, May 29th. JPMorgan Chase & Co. upgraded shares of Telefonaktiebolaget LM Ericsson from a “neutral” rating to an “overweight” rating in a report on Wednesday, September 5th. Finally, Raymond James downgraded shares of Telefonaktiebolaget LM Ericsson from a “market perform” rating to an “underperform” rating in a report on Friday, July 20th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. Telefonaktiebolaget LM Ericsson presently has a consensus rating of “Hold” and an average price target of $6.81.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Artisan Partners Limited Partnership increased its holdings in shares of Telefonaktiebolaget LM Ericsson by 1.2% during the first quarter. Artisan Partners Limited Partnership now owns 13,609,614 shares of the communications equipment provider’s stock valued at $87,102,000 after acquiring an additional 156,540 shares in the last quarter. FMR LLC increased its holdings in shares of Telefonaktiebolaget LM Ericsson by 122.5% during the second quarter. FMR LLC now owns 4,650,110 shares of the communications equipment provider’s stock valued at $35,666,000 after acquiring an additional 2,560,110 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Telefonaktiebolaget LM Ericsson during the second quarter valued at about $33,931,000. Northern Trust Corp increased its holdings in shares of Telefonaktiebolaget LM Ericsson by 1.0% during the first quarter. Northern Trust Corp now owns 2,745,018 shares of the communications equipment provider’s stock valued at $17,568,000 after acquiring an additional 27,268 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Telefonaktiebolaget LM Ericsson by 173.9% during the second quarter. Bank of America Corp DE now owns 1,203,510 shares of the communications equipment provider’s stock valued at $9,231,000 after acquiring an additional 764,120 shares in the last quarter. Hedge funds and other institutional investors own 8.18% of the company’s stock.

The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.50. The firm has a market cap of $28.24 billion, a PE ratio of -18.32 and a beta of 0.83.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last posted its quarterly earnings data on Wednesday, July 18th. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.03). Telefonaktiebolaget LM Ericsson had a negative net margin of 13.14% and a negative return on equity of 5.62%. The company had revenue of $49.80 billion for the quarter, compared to analyst estimates of $48.09 billion. During the same quarter last year, the company earned $0.17 EPS. The business’s revenue was down 1.0% compared to the same quarter last year. research analysts forecast that Telefonaktiebolaget LM Ericsson will post 0.19 earnings per share for the current fiscal year.

Telefonaktiebolaget LM Ericsson Company Profile (NASDAQ:ERIC)

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.

See Also: Diversification in Your Portfolio

Receive News & Ratings for Telefonaktiebolaget LM Ericsson Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Telefonaktiebolaget LM Ericsson and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply