Ericsson (NASDAQ:ERIC) Receives $10.40 Average Target Price from Brokerages

Ericsson (NASDAQ:ERIC) has received a consensus rating of “Reduce” from the eleven research firms that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $10.40.

A number of analysts have recently issued reports on ERIC shares. Morgan Stanley initiated coverage on Ericsson in a research report on Monday, February 9th. They set an “equal weight” rating and a $11.00 price objective on the stock. Argus raised Ericsson to a “hold” rating in a research report on Monday, January 26th. Weiss Ratings reissued a “buy (b-)” rating on shares of Ericsson in a report on Monday, December 29th. Wall Street Zen raised shares of Ericsson from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Finally, Citigroup reiterated a “neutral” rating on shares of Ericsson in a research report on Friday, January 16th.

Hedge Funds Weigh In On Ericsson

Several hedge funds and other institutional investors have recently modified their holdings of ERIC. Jones Financial Companies Lllp boosted its stake in Ericsson by 12.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider’s stock valued at $107,000 after buying an additional 1,441 shares in the last quarter. Hennessy Advisors Inc. raised its stake in Ericsson by 10.3% during the fourth quarter. Hennessy Advisors Inc. now owns 16,324 shares of the communications equipment provider’s stock worth $158,000 after acquiring an additional 1,518 shares in the last quarter. RNC Capital Management LLC raised its stake in Ericsson by 2.5% during the fourth quarter. RNC Capital Management LLC now owns 64,667 shares of the communications equipment provider’s stock worth $624,000 after acquiring an additional 1,576 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Ericsson by 0.7% during the second quarter. Geode Capital Management LLC now owns 250,389 shares of the communications equipment provider’s stock valued at $2,123,000 after acquiring an additional 1,658 shares during the period. Finally, Dorsey & Whitney Trust CO LLC lifted its holdings in shares of Ericsson by 7.2% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 42,902 shares of the communications equipment provider’s stock valued at $414,000 after acquiring an additional 2,869 shares during the period. Institutional investors own 7.99% of the company’s stock.

Ericsson Stock Up 4.6%

ERIC stock opened at $11.97 on Friday. Ericsson has a twelve month low of $6.64 and a twelve month high of $12.05. The company has a quick ratio of 1.08, a current ratio of 1.29 and a debt-to-equity ratio of 0.26. The company has a market cap of $40.35 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 2.00 and a beta of 0.92. The business’s 50-day simple moving average is $10.73 and its 200 day simple moving average is $9.68.

Ericsson Dividend Announcement

The business also recently disclosed a dividend, which was paid on Monday, March 16th. Stockholders of record on Thursday, April 2nd were paid a $0.1663 dividend. The ex-dividend date was Thursday, April 2nd. Ericsson’s dividend payout ratio is currently 22.73%.

About Ericsson

Ericsson AB is a Swedish multinational telecommunications equipment and services company headquartered in Stockholm. Founded in 1876 by Lars Magnus Ericsson, the company designs, develops and sells infrastructure, software and services that enable mobile and fixed-line networks worldwide. Ericsson serves a global customer base that includes mobile network operators, enterprise customers and public-sector organizations across Europe, the Americas, Asia-Pacific, the Middle East and Africa.

The company’s core activities center on building and modernizing network infrastructure, with a particular focus on radio access networks (RAN), core network software, cloud-native solutions and network management systems.