Wall Street Zen Downgrades Ericsson (NASDAQ:ERIC) to Buy

Ericsson (NASDAQ:ERIC) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.

ERIC has been the subject of several other reports. Jefferies Financial Group raised shares of Ericsson to a “hold” rating in a research note on Monday, October 13th. Cfra Research upgraded Ericsson to a “hold” rating in a report on Wednesday, October 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of Ericsson in a research note on Wednesday, October 8th. BNP Paribas restated an “underperform” rating on shares of Ericsson in a research report on Wednesday, September 3rd. Finally, Danske cut Ericsson to a “hold” rating in a research note on Wednesday. Six analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $9.80.

Ericsson Stock Performance

NASDAQ:ERIC opened at $9.54 on Friday. The company has a market capitalization of $31.94 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.60 and a beta of 0.87. The business has a 50 day moving average of $8.13 and a 200 day moving average of $8.08. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.17 and a quick ratio of 0.94. Ericsson has a 1-year low of $6.64 and a 1-year high of $9.87.

Ericsson (NASDAQ:ERIC) last posted its quarterly earnings results on Tuesday, October 14th. The communications equipment provider reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. Ericsson had a net margin of 10.44% and a return on equity of 21.50%. The firm had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $57.16 billion. During the same period last year, the firm posted $1.14 earnings per share. The business’s revenue was down 9.0% compared to the same quarter last year. On average, sell-side analysts predict that Ericsson will post 0.48 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ericsson

Several institutional investors and hedge funds have recently bought and sold shares of ERIC. Allspring Global Investments Holdings LLC grew its position in shares of Ericsson by 7.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 25,231 shares of the communications equipment provider’s stock worth $196,000 after buying an additional 1,713 shares during the last quarter. Amundi lifted its stake in Ericsson by 10.8% in the first quarter. Amundi now owns 498,887 shares of the communications equipment provider’s stock worth $3,732,000 after acquiring an additional 48,692 shares during the period. Acadian Asset Management LLC boosted its holdings in Ericsson by 0.6% in the first quarter. Acadian Asset Management LLC now owns 87,313,506 shares of the communications equipment provider’s stock valued at $677,498,000 after acquiring an additional 482,691 shares in the last quarter. Northern Trust Corp increased its position in Ericsson by 106.6% during the 1st quarter. Northern Trust Corp now owns 3,659,696 shares of the communications equipment provider’s stock valued at $28,399,000 after purchasing an additional 1,888,375 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Ericsson by 11.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 282,000 shares of the communications equipment provider’s stock valued at $2,188,000 after purchasing an additional 29,836 shares during the period. Hedge funds and other institutional investors own 7.99% of the company’s stock.

Ericsson Company Profile

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.