Ericsson (NASDAQ:ERIC) – Credit Agricole SA cut their Q3 2016 earnings per share (EPS) estimates for Ericsson in a report issued on Thursday. Credit Agricole SA analyst A. Silver now forecasts that the brokerage will post earnings of $0.03 per share for the quarter, down from their prior estimate of $0.11. Credit Agricole SA also issued estimates for Ericsson’s FY2016 earnings at $0.34 EPS, FY2017 earnings at $0.37 EPS and FY2018 earnings at $0.41 EPS.
Several other equities analysts also recently weighed in on the company. Vetr upgraded Ericsson from a “buy” rating to a “strong-buy” rating in a research report on Monday, August 29th. Morgan Stanley restated a “neutral” rating on shares of Ericsson in a report on Monday, October 10th. Zacks Investment Research upgraded Ericsson from a “sell” rating to a “hold” rating in a report on Tuesday, September 13th. BMO Capital Markets restated a “hold” rating and issued a $8.00 price objective on shares of Ericsson in a report on Monday, July 18th. Finally, Cowen and Company restated a “market perform” rating and issued a $6.00 price objective on shares of Ericsson in a report on Saturday. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $8.21.
Shares of Ericsson (NASDAQ:ERIC) opened at 5.43 on Monday. The company’s 50-day moving average price is $6.82 and its 200 day moving average price is $7.63. Ericsson has a 1-year low of $5.35 and a 1-year high of $10.56. The stock has a market cap of $17.71 billion, a PE ratio of 11.27 and a beta of 0.92.
Ericsson (NASDAQ:ERIC) last posted its earnings results on Tuesday, July 19th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by $0.02. Ericsson had a return on equity of 13.14% and a net margin of 5.70%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ERIC. Sterling Capital Management LLC increased its position in Ericsson by 25.6% in the second quarter. Sterling Capital Management LLC now owns 14,382 shares of the company’s stock worth $110,000 after buying an additional 2,931 shares in the last quarter. OLD National Bancorp IN increased its position in Ericsson by 38.2% in the second quarter. OLD National Bancorp IN now owns 15,638 shares of the company’s stock worth $120,000 after buying an additional 4,325 shares in the last quarter. Societe Generale purchased a new position in Ericsson during the second quarter worth approximately $133,000. SG Americas Securities LLC increased its position in Ericsson by 49.1% in the second quarter. SG Americas Securities LLC now owns 17,344 shares of the company’s stock worth $133,000 after buying an additional 5,714 shares in the last quarter. Finally, Smithfield Trust Co. purchased a new position in Ericsson during the second quarter worth approximately $136,000. 7.29% of the stock is currently owned by institutional investors.
Ericsson Company Profile
Telefonaktiebolaget LM Ericsson is a Sweden-based telecommunications operator. The Company offers hardware, software and services that drive development in mobility, broadband and the cloud, creating ecosystems across various industries. Ericsson’s core businesses are Radio, Core and Transmission, and Telecom Services.
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