Ericsson (NASDAQ:ERIC) Stock Has Consensus Price Target of $9.60

Shares of Ericsson (NASDAQ:ERIC) have earned a consensus recommendation of “Hold” from the six brokerages that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $9.60.

Several equities analysts recently issued reports on the company. Weiss Ratings downgraded Ericsson from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, August 28th. Danske cut Ericsson from a “buy” rating to a “hold” rating in a research report on Friday, October 16th. Morgan Stanley downgraded Ericsson from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $11.00 to $9.00 in a research note on Tuesday, September 22nd. Citigroup reiterated a “neutral” rating on shares of Ericsson in a research note on Wednesday, July 15th. Finally, Wall Street Zen raised Ericsson from a “hold” rating to a “buy” rating in a report on Saturday, October 17th.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ERIC. Yousif Capital Management LLC grew its holdings in Ericsson by 18.4% during the third quarter. Yousif Capital Management LLC now owns 14,891 shares of the communications equipment provider’s stock worth $136,000 after acquiring an additional 2,315 shares during the period. Bank of New York Mellon Corp lifted its holdings 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 valued at $1,810,000 after acquiring an additional 12,534 shares during the period. Advisors Preferred LLC acquired a new position in Ericsson in the first quarter valued at approximately $493,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in Ericsson by 26.3% in the first quarter. Public Employees Retirement System of Ohio now owns 1,418,076 shares of the communications equipment provider’s stock valued at $15,982,000 after acquiring an additional 295,185 shares during the period. Hedge funds and other institutional investors own 7.99% of the company’s stock.

Ericsson Trading Up 1.7%

ERIC stock opened at $11.08 on Friday. Ericsson has a 52 week low of $9.03 and a 52 week high of $13.77. The firm has a 50 day moving average of $9.99 and a 200 day moving average of $10.91.

Ericsson (NASDAQ:ERIC) last issued its quarterly earnings results on Thursday, October 15th. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04. The company had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.59 billion. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.37 EPS. As a group, analysts predict that Ericsson will post 0.64 EPS for the current fiscal year.

Ericsson Announces Dividend

The company also recently announced a dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were issued a dividend of $0.1579 per share. The ex-dividend date of this dividend was Tuesday, September 29th.

About Ericsson

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.