Sony Corp Ord (SNE) Stock Price Up 11.7% Following Strong Earnings

Sony Corp Ord (NYSE:SNE) rose 11.7% during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $45.25 and last traded at $43.41. Approximately 6,812,620 shares were traded during trading, an increase of 883% from the average daily volume of 692,795 shares. The stock had previously closed at $38.85.

The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.08. The company had revenue of $1,858.10 billion for the quarter, compared to the consensus estimate of $1,735.86 billion. Sony Corp Ord had a return on equity of 4.17% and a net margin of 1.67%. Sony Corp Ord’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $16.44 earnings per share.

Several research firms recently commented on SNE. Zacks Investment Research cut Sony Corp Ord from a “buy” rating to a “hold” rating in a report on Monday. Jefferies Group LLC restated a “buy” rating and set a $45.74 price target on shares of Sony Corp Ord in a research report on Tuesday, October 24th. Morgan Stanley lowered Sony Corp Ord from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, October 11th. Credit Suisse Group lowered Sony Corp Ord from an “outperform” rating to a “neutral” rating in a report on Tuesday, September 19th. Finally, Citigroup Inc. lowered Sony Corp Ord from a “buy” rating to a “neutral” rating and decreased their target price for the company from $40.60 to $39.93 in a report on Monday, September 11th. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Sony Corp Ord presently has an average rating of “Buy” and an average target price of $43.42.

Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its stake in Sony Corp Ord by 105.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 816,725 shares of the company’s stock valued at $31,191,000 after buying an additional 419,493 shares in the last quarter. Allen Investment Management LLC raised its holdings in Sony Corp Ord by 60.5% in the 2nd quarter. Allen Investment Management LLC now owns 20,132 shares of the company’s stock valued at $769,000 after acquiring an additional 7,590 shares during the last quarter. Aperio Group LLC raised its holdings in Sony Corp Ord by 10.8% in the 2nd quarter. Aperio Group LLC now owns 621,910 shares of the company’s stock valued at $23,751,000 after acquiring an additional 60,660 shares during the last quarter. Columbia Asset Management raised its holdings in Sony Corp Ord by 11.8% in the 2nd quarter. Columbia Asset Management now owns 33,870 shares of the company’s stock valued at $1,293,000 after acquiring an additional 3,575 shares during the last quarter. Finally, Credit Suisse AG acquired a new position in Sony Corp Ord in the 1st quarter valued at $6,978,000. 6.53% of the stock is currently owned by hedge funds and other institutional investors.

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Sony Corp Ord Company Profile

Sony Corporation (Sony) is engaged in the development, design, manufacture and sale of various kinds of electronic equipment, instruments and devices for consumer, professional and industrial markets, as well as game consoles and software. The Company’s segments include Mobile Communications, Game & Network Services, Imaging Products & Solutions, Home Entertainment & Sound, Devices, Pictures, Music, Financial Services and All Other.

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