Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Sets New 52-Week High at $7.00

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC)’s share price hit a new 52-week high on Thursday . The company traded as high as $7.00 and last traded at $6.98, with a volume of 4232632 shares changing hands. The stock had previously closed at $6.87.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ERIC shares. JPMorgan Chase & Co. boosted their price objective on shares of Telefonaktiebolaget LM Ericsson (publ) from $5.58 to $5.90 and gave the stock a “neutral” rating in a report on Monday, July 15th. StockNews.com upgraded Telefonaktiebolaget LM Ericsson (publ) from a “hold” rating to a “buy” rating in a research note on Friday, April 19th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $5.90.

Telefonaktiebolaget LM Ericsson (publ) Stock Up 1.4 %

The firm has a 50 day moving average price of $6.43 and a 200-day moving average price of $5.80. The firm has a market cap of $23.66 billion, a price-to-earnings ratio of -7.17 and a beta of 0.84. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.90.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last released its quarterly earnings results on Friday, July 12th. The communications equipment provider reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.29 billion. Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 11.39% and a negative net margin of 14.13%. As a group, equities analysts predict that Telefonaktiebolaget LM Ericsson will post 0.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Telefonaktiebolaget LM Ericsson (publ)

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new position in Telefonaktiebolaget LM Ericsson (publ) during the fourth quarter worth $103,000. Cerity Partners LLC raised its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 301.6% in the 4th quarter. Cerity Partners LLC now owns 41,886 shares of the communications equipment provider’s stock valued at $264,000 after purchasing an additional 31,456 shares during the period. Institute for Wealth Management LLC. raised its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 75.3% in the 4th quarter. Institute for Wealth Management LLC. now owns 57,388 shares of the communications equipment provider’s stock valued at $362,000 after purchasing an additional 24,643 shares during the period. Harvest Fund Management Co. Ltd bought a new position in Telefonaktiebolaget LM Ericsson (publ) during the fourth quarter worth about $112,000. Finally, Intrust Bank NA increased its position in Telefonaktiebolaget LM Ericsson (publ) by 77.6% during the fourth quarter. Intrust Bank NA now owns 35,828 shares of the communications equipment provider’s stock worth $226,000 after buying an additional 15,658 shares during the last quarter. 7.99% of the stock is owned by institutional investors.

About Telefonaktiebolaget LM Ericsson (publ)

Telefonaktiebolaget LM Ericsson (publ), together with its subsidiaries, provides mobile connectivity solutions for telcom operators and enterprise customers in various sectors in North America, Europe, Latin America, the Middle East, Africa, North East Asia, South East Asia, Oceania, and India. It operates in four segments: Networks; Cloud Software and Services; Enterprise; and Other.