Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) released its quarterly earnings results on Wednesday. The communications equipment provider reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.01), Morningstar.com reports. The firm had revenue of $54.80 billion for the quarter, compared to the consensus estimate of $53.25 billion. Telefonaktiebolaget LM Ericsson had a return on equity of 6.37% and a net margin of 0.16%. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) earnings per share.
Shares of ERIC stock opened at $8.85 on Friday. The firm has a 50 day moving average of $9.59. Telefonaktiebolaget LM Ericsson has a one year low of $7.63 and a one year high of $10.46. The company has a market capitalization of $29.51 billion, a PE ratio of 295.00 and a beta of 0.49. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.42 and a quick ratio of 1.05.
ERIC has been the topic of several research reports. Santander upgraded Nokia Oyj from an “underweight” rating to a “buy” rating in a report on Monday, July 1st. Zacks Investment Research cut Great Portland Estates from a “hold” rating to a “sell” rating in a report on Tuesday, April 16th. ValuEngine upgraded ZIX from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 4th. BidaskClub upgraded Zillow Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, New Street Research cut Telefonaktiebolaget LM Ericsson from a “neutral” rating to a “sell” rating in a report on Wednesday, May 29th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $9.57.
Hedge funds have recently made changes to their positions in the stock. Picton Mahoney Asset Management bought a new stake in Telefonaktiebolaget LM Ericsson in the first quarter valued at approximately $2,593,000. Bank of America Corp DE boosted its holdings in Telefonaktiebolaget LM Ericsson by 65.2% in the fourth quarter. Bank of America Corp DE now owns 2,318,920 shares of the communications equipment provider’s stock valued at $20,568,000 after acquiring an additional 915,047 shares during the last quarter. Raymond James & Associates boosted its holdings in Telefonaktiebolaget LM Ericsson by 24.9% in the fourth quarter. Raymond James & Associates now owns 101,889 shares of the communications equipment provider’s stock valued at $904,000 after acquiring an additional 20,320 shares during the last quarter. Stifel Financial Corp boosted its holdings in Telefonaktiebolaget LM Ericsson by 54.8% in the fourth quarter. Stifel Financial Corp now owns 397,871 shares of the communications equipment provider’s stock valued at $3,539,000 after acquiring an additional 140,931 shares during the last quarter. Finally, FIL Ltd bought a new stake in Telefonaktiebolaget LM Ericsson in the first quarter valued at approximately $2,328,000. Institutional investors and hedge funds own 7.81% of the company’s stock.
Telefonaktiebolaget LM Ericsson Company Profile
Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for service providers. It operates through four segments: Networks, Digital Services, Managed Services, and Emerging Business 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.
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