Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Reaches New 12-Month High at $7.24

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC - Get Free Report) shares hit a new 52-week high on Wednesday . The stock traded as high as $7.24 and last traded at $7.24, with a volume of 8302673 shares traded. The stock had previously closed at $7.20.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. upped their price target on shares of Telefonaktiebolaget LM Ericsson (publ) from $5.58 to $5.90 and gave the stock a "neutral" rating in a research report on Monday, July 15th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $5.90.

Telefonaktiebolaget LM Ericsson (publ) Stock Performance

The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.90 and a current ratio of 1.14. The stock has a market cap of $24.16 billion, a P/E ratio of -7.27 and a beta of 0.84. The firm's 50 day moving average is $6.47 and its 200 day moving average is $5.83.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.29 billion. Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 11.39% and a negative net margin of 14.13%. Analysts anticipate that Telefonaktiebolaget LM Ericsson will post 0.35 EPS for the current year.

Institutional Inflows and Outflows

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

Telefonaktiebolaget LM Ericsson (publ) 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.