Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Shares Gap Down to $7.22

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERICGet Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $7.22, but opened at $7.05. Telefonaktiebolaget LM Ericsson (publ) shares last traded at $7.10, with a volume of 99,872 shares.

Wall Street Analysts Forecast Growth

ERIC has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Telefonaktiebolaget LM Ericsson (publ) from SEK 85 to SEK 80 in a research report on Friday, July 15th. UBS Group reduced their price objective on shares of Telefonaktiebolaget LM Ericsson (publ) from SEK 85 to SEK 78 in a research report on Friday, July 15th. Cheuvreux downgraded shares of Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “hold” rating in a research report on Friday, July 15th. StockNews.com downgraded shares of Telefonaktiebolaget LM Ericsson (publ) from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 3rd. Finally, Cowen reduced their price objective on shares of Telefonaktiebolaget LM Ericsson (publ) from $15.00 to $11.00 in a research report on Friday, July 15th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $77.58.

Telefonaktiebolaget LM Ericsson (publ) Price Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.25 and a current ratio of 1.60. The stock has a market capitalization of $22.45 billion, a price-to-earnings ratio of 8.77 and a beta of 0.41. The company has a 50-day moving average of $7.39 and a 200-day moving average of $7.98.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERICGet Rating) last issued its quarterly earnings data on Thursday, July 14th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.04). The company had revenue of $6.36 billion for the quarter, compared to analyst estimates of $6.37 billion. Telefonaktiebolaget LM Ericsson (publ) had a return on equity of 22.68% and a net margin of 9.61%. As a group, equities research analysts expect that Telefonaktiebolaget LM Ericsson will post 0.62 earnings per share for the current fiscal year.

Telefonaktiebolaget LM Ericsson (publ) Cuts Dividend

The business also recently disclosed a dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.076 per share. The ex-dividend date of this dividend is Thursday, September 29th. Telefonaktiebolaget LM Ericsson (publ)’s dividend payout ratio is presently 23.38%.

Institutional Trading of Telefonaktiebolaget LM Ericsson (publ)

Institutional investors have recently made changes to their positions in the stock. AGF Investments Inc. grew its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 113.4% during the 1st quarter. AGF Investments Inc. now owns 4,325,000 shares of the communications equipment provider’s stock valued at $39,531,000 after buying an additional 2,297,972 shares during the period. Credit Suisse AG lifted its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 398.4% during the 2nd quarter. Credit Suisse AG now owns 3,668,232 shares of the communications equipment provider’s stock valued at $27,146,000 after acquiring an additional 2,932,251 shares in the last quarter. George Kaiser Family Foundation lifted its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 53.4% during the 2nd quarter. George Kaiser Family Foundation now owns 246,938 shares of the communications equipment provider’s stock valued at $1,827,000 after acquiring an additional 85,964 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 612.9% during the 4th quarter. BNP Paribas Arbitrage SA now owns 110,606 shares of the communications equipment provider’s stock valued at $1,202,000 after acquiring an additional 95,090 shares in the last quarter. 8.53% of the stock is owned by hedge funds and other institutional investors.

Telefonaktiebolaget LM Ericsson (publ) Company Profile

(Get Rating)

Telefonaktiebolaget LM Ericsson (publ), together with its subsidiaries, provides communication infrastructure, services, and software solutions to the telecom and other sectors. It operates through four segments: Networks, Digital Services, Managed Services, and Emerging Business and Other. The Networks segment offers radio access network solutions for various network spectrum bands, including integrated high-performing hardware and software.

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