Ericsson (ERIC) Announces Earnings Results, Misses Estimates By $0.07 EPS
Ericsson (NASDAQ:ERIC) announced its earnings results on Friday. The communications equipment provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07), Morningstar.com reports. Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. The firm had revenue of $47.80 billion for the quarter, compared to the consensus estimate of $47.21 billion. During the same period in the prior year, the business earned $0.34 EPS. Ericsson’s quarterly revenue was down 6.5% on a year-over-year basis.
Shares of Ericsson (NASDAQ:ERIC) opened at 6.45 on Friday. The company’s market capitalization is $21.13 billion. Ericsson has a 1-year low of $4.83 and a 1-year high of $7.47. The firm has a 50-day moving average of $5.78 and a 200 day moving average of $6.41.
A number of brokerages recently weighed in on ERIC. Zacks Investment Research raised shares of Ericsson from a “strong sell” rating to a “hold” rating in a research note on Monday, July 17th. BidaskClub raised shares of Ericsson from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 14th. J P Morgan Chase & Co reissued a “hold” rating on shares of Ericsson in a research note on Tuesday, July 18th. Canaccord Genuity reissued a “hold” rating and set a $6.00 target price on shares of Ericsson in a research note on Tuesday, July 18th. Finally, ValuEngine raised shares of Ericsson from a “sell” rating to a “hold” rating in a research note on Saturday. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $5.34.
TRADEMARK VIOLATION WARNING: This story was published by TheOlympiaReport and is owned by of TheOlympiaReport. If you are reading this story on another domain, it was illegally copied and republished in violation of United States & international trademark and copyright legislation. The correct version of this story can be accessed at https://theolympiareport.com/2017/10/22/ericsson-eric-announces-earnings-results-misses-estimates-by-0-07-eps.html.
A number of hedge funds and other institutional investors have recently modified their holdings of ERIC. Two Sigma Securities LLC bought a new position in Ericsson in the 1st quarter worth $106,000. Mackenzie Financial Corp bought a new position in Ericsson in the 1st quarter worth $109,000. GenTrust LLC bought a new position in Ericsson in the 2nd quarter worth $120,000. Boyd Watterson Asset Management LLC OH raised its holdings in Ericsson by 1.0% in the 2nd quarter. Boyd Watterson Asset Management LLC OH now owns 18,092 shares of the communications equipment provider’s stock worth $130,000 after purchasing an additional 174 shares in the last quarter. Finally, Ronald Blue & Co. LLC raised its holdings in Ericsson by 7.0% in the 2nd quarter. Ronald Blue & Co. LLC now owns 19,716 shares of the communications equipment provider’s stock worth $141,000 after purchasing an additional 1,283 shares in the last quarter. Institutional investors and hedge funds own 7.95% of the company’s stock.
Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.
Receive News & Ratings for Ericsson Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ericsson and related companies with Analyst Ratings Network's FREE daily email newsletter.