Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Sets New 52-Week High at $7.68

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $7.68 and last traded at $7.66, with a volume of 7626204 shares trading hands. The stock had previously closed at $7.57.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. upped 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. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $5.90.

Telefonaktiebolaget LM Ericsson (publ) Price Performance

The company has a market capitalization of $25.73 billion, a PE ratio of -7.76 and a beta of 0.83. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.90. The stock’s 50 day simple moving average is $7.06 and its 200-day simple moving average is $6.16.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last posted its quarterly earnings results on Friday, July 12th. The communications equipment provider reported $0.01 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.04). Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 11.39% and a negative net margin of 14.13%. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.29 billion. As a group, equities analysts forecast that Telefonaktiebolaget LM Ericsson will post 0.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Telefonaktiebolaget LM Ericsson (publ)

Large investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. increased its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 4.4% during the first quarter. Advisors Asset Management Inc. now owns 190,065 shares of the communications equipment provider’s stock worth $1,047,000 after buying an additional 8,086 shares during the period. Oppenheimer & Co. Inc. lifted its stake in Telefonaktiebolaget LM Ericsson (publ) by 4,904.4% during the fourth quarter. Oppenheimer & Co. Inc. now owns 835,784 shares of the communications equipment provider’s stock worth $5,265,000 after purchasing an additional 819,083 shares during the last quarter. First Affirmative Financial Network boosted its holdings in Telefonaktiebolaget LM Ericsson (publ) by 9.4% in the first quarter. First Affirmative Financial Network now owns 26,354 shares of the communications equipment provider’s stock valued at $145,000 after purchasing an additional 2,268 shares in the last quarter. QRG Capital Management Inc. increased its stake in Telefonaktiebolaget LM Ericsson (publ) by 176.2% in the second quarter. QRG Capital Management Inc. now owns 188,231 shares of the communications equipment provider’s stock valued at $1,161,000 after purchasing an additional 120,072 shares during the last quarter. Finally, Gateway Investment Advisers LLC increased its stake in Telefonaktiebolaget LM Ericsson (publ) by 1,260.7% in the second quarter. Gateway Investment Advisers LLC now owns 630,541 shares of the communications equipment provider’s stock valued at $3,890,000 after purchasing an additional 584,201 shares during the last quarter. Hedge funds and other institutional investors own 7.99% of the company’s stock.

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.