Ericsson (NASDAQ:ERIC) Stock Crosses Above 200-Day Moving Average – What’s Next?

Ericsson (NASDAQ:ERIC) passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $10.91 and traded as high as $11.12. Ericsson shares last traded at $11.08, with a volume of 6,851,380 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ERIC shares. Wall Street Zen raised Ericsson from a “hold” rating to a “buy” rating in a report on Saturday, October 17th. Morgan Stanley cut Ericsson from an “equal weight” rating to an “underweight” rating and reduced their price objective 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 Thursday, October 15th. Danske downgraded Ericsson from a “buy” rating to a “hold” rating in a report on Friday, October 16th. Finally, Weiss Ratings lowered shares of Ericsson from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, August 28th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $9.60.

Ericsson Stock Up 0.7%

The firm has a 50 day simple moving average of $10.03 and a two-hundred day simple moving average of $10.93. The company has a market capitalization of $37.55 billion, a PE ratio of 18.26, a P/E/G ratio of 1.85 and a beta of 0.96. The company has a current ratio of 1.16, a quick ratio of 0.90 and a debt-to-equity ratio of 0.25.

Ericsson (NASDAQ:ERIC) last released its quarterly earnings results on Thursday, October 15th. The communications equipment provider reported $0.18 EPS for the quarter, topping the consensus estimate of $0.14 by $0.04. Ericsson had a return on equity of 20.89% and a net margin of 8.31%. The business had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.59 billion. During the same quarter in the prior year, the business earned $1.37 earnings per share. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. Research analysts expect that Ericsson will post 0.64 EPS for the current year.

Ericsson Dividend Announcement

The company also recently declared 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. Ericsson’s dividend payout ratio is currently 31.15%.

Institutional Investors Weigh In On Ericsson

A number of institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio grew its holdings in Ericsson by 26.3% during the first quarter. Public Employees Retirement System of Ohio now owns 1,418,076 shares of the communications equipment provider’s stock worth $15,982,000 after acquiring an additional 295,185 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 purchased a new stake in shares of Ericsson during the 1st quarter worth $493,000. Finally, Yousif Capital Management LLC boosted its position in shares of Ericsson by 18.4% during the 3rd quarter. Yousif Capital Management LLC now owns 14,891 shares of the communications equipment provider’s stock worth $136,000 after purchasing an additional 2,315 shares in the last quarter. Hedge funds and other institutional investors own 7.99% of the company’s stock.

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.