Trade Report: Today: Ericsson (ERIC) Stock Rating Reaffirmed by Canaccord Genuity

Today: Ericsson (ERIC) Stock Rating Reaffirmed by Canaccord Genuity

Ericsson (NASDAQ:ERIC)‘s stock had its “hold” rating reissued by Canaccord Genuity in a report issued on Thursday. They currently have a $5.50 price objective on the stock, down from their prior price objective of $7.00. Canaccord Genuity’s price target suggests a potential upside of 1.29% from the stock’s previous close.

Other analysts have also issued reports about the company. BMO Capital Markets reiterated a “hold” rating and set a $8.00 price target on shares of Ericsson in a report on Monday, July 18th. Charter Equity lowered Ericsson from a “market perform” rating to an “underperform” rating in a report on Wednesday, July 20th. Vetr lowered Ericsson from a “hold” rating to a “sell” rating and set a $7.64 price target on the stock. in a report on Wednesday, June 22nd. Barclays PLC upgraded Ericsson from an “underweight” rating to an “equal weight” rating in a report on Wednesday, July 6th. Finally, Goldman Sachs Group Inc. upgraded Ericsson from a “sell” rating to a “neutral” rating in a report on Tuesday, June 21st. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $8.21.

Shares of Ericsson (NASDAQ:ERIC) opened at 5.43 on Thursday. The stock’s 50 day moving average price is $6.87 and its 200 day moving average price is $7.69. The firm has a market capitalization of $17.71 billion, a price-to-earnings ratio of 11.27 and a beta of 0.92. Ericsson has a 12-month low of $5.35 and a 12-month high of $10.56.

Ericsson (NASDAQ:ERIC) last issued its quarterly earnings results on Tuesday, July 19th. The company reported $0.10 EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.02. Ericsson had a return on equity of 13.14% and a net margin of 5.70%. Equities research analysts expect that Ericsson will post $0.51 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. Hotchkis & Wiley Capital Management LLC boosted its position in Ericsson by 44.2% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 40,979,684 shares of the company’s stock valued at $314,724,000 after buying an additional 12,562,156 shares during the last quarter. Primecap Management Co. CA boosted its position in Ericsson by 4.6% in the first quarter. Primecap Management Co. CA now owns 78,258,204 shares of the company’s stock valued at $784,930,000 after buying an additional 3,465,300 shares during the last quarter. Brandes Investment Partners LP boosted its position in Ericsson by 32.6% in the second quarter. Brandes Investment Partners LP now owns 10,329,065 shares of the company’s stock valued at $79,327,000 after buying an additional 2,541,781 shares during the last quarter. Symons Capital Management Inc. acquired a new position in Ericsson during the second quarter valued at approximately $15,018,000. Finally, Cambiar Investors LLC boosted its position in Ericsson by 10.7% in the second quarter. Cambiar Investors LLC now owns 18,024,576 shares of the company’s stock valued at $138,429,000 after buying an additional 1,746,391 shares during the last quarter. Institutional investors own 7.29% of the company’s stock.

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