Ericsson (NASDAQ:ERIC) Upgraded at Wall Street Zen

by · The Markets Daily

Wall Street Zen upgraded shares of Ericsson (NASDAQ:ERIC – Free Report) from a hold rating to a buy rating in a report issued on Saturday morning,Wall Street Zen reports.

ERIC has been the topic of a number of other research reports. Weiss Ratings lowered Ericsson from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, August 28th. Morgan Stanley downgraded Ericsson from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $11.00 to $9.00 in a report on Tuesday, September 22nd. Citigroup reaffirmed a “neutral” rating on shares of Ericsson in a report on Wednesday, July 15th. JPMorgan Chase & Co. lowered their price objective on shares of Ericsson from $11.40 to $10.20 and set a “neutral” rating on the stock in a research report on Thursday, October 8th. Finally, Danske cut shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Friday. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $9.60.

Get Our Latest Analysis on Ericsson

Ericsson Stock Performance

Shares of ERIC stock opened at $10.34 on Friday. The stock’s 50-day moving average price is $9.93 and its 200 day moving average price is $10.94. The company has a quick ratio of 0.90, a current ratio of 1.16 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $34.86 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 1.88 and a beta of 0.96. Ericsson has a 52-week low of $9.03 and a 52-week high of $13.77.

Ericsson (NASDAQ:ERIC – Get Free Report) last posted its quarterly earnings data on Thursday, October 15th. The communications equipment provider reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. Ericsson had a return on equity of 20.89% and a net margin of 8.31%. The company had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.59 billion. During the same period last year, the firm earned $1.37 EPS. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. As a group, equities research analysts forecast that Ericsson will post 0.63 EPS for the current year.

Ericsson Announces Dividend

The company also recently disclosed a dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were given a $0.1579 dividend. The ex-dividend date was Tuesday, September 29th. Ericsson’s dividend payout ratio (DPR) is presently 32.79%.

Hedge Funds Weigh In On Ericsson

Several institutional investors and hedge funds have recently added to or reduced their stakes in ERIC. Public Employees Retirement System of Ohio purchased a new stake in shares of Ericsson in the second quarter valued at approximately $15,812,000. Bank of New York Mellon Corp raised its position in Ericsson by 8.5% in the first quarter. Bank of New York Mellon Corp now owns 160,581 shares of the communications equipment provider’s stock worth $1,810,000 after acquiring an additional 12,534 shares in the last quarter. Finally, Advisors Preferred LLC purchased a new position in Ericsson in the first quarter worth $493,000. Institutional investors and hedge funds own 7.99% of the company’s stock.

Ericsson Company Profile

(Get Free Report)

Ericsson is a Swedish technology company that provides telecommunications equipment, software, and services to communications service providers and enterprise customers worldwide. Headquartered in Stockholm, the company develops infrastructure used to build and operate mobile and fixed networks, including solutions supporting 4G, 5G, and other advanced communications technologies.

Its main offerings include radio access network equipment, core network platforms, transport systems, network management software, cloud-based communications solutions, and related professional services.

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