Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) Rating Lowered to Hold at ValuEngine

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Thursday, ValuEngine reports.

A number of other research firms have also weighed in on ERIC. Goldman Sachs Group upgraded Telefonaktiebolaget LM Ericsson from a “buy” rating to a “conviction-buy” rating and set a $11.50 target price for the company in a report on Monday, July 29th. New Street Research lowered Telefonaktiebolaget LM Ericsson from a “neutral” rating to a “sell” rating in a report on Wednesday, May 29th. Cowen restated a “hold” rating and set a $9.00 target price on shares of Telefonaktiebolaget LM Ericsson in a report on Friday, July 19th. BidaskClub upgraded Telefonaktiebolaget LM Ericsson from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Finally, TheStreet upgraded Telefonaktiebolaget LM Ericsson from a “c” rating to a “b” rating in a report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $9.89.

Telefonaktiebolaget LM Ericsson stock traded down $0.18 during mid-day trading on Thursday, reaching $8.64. 5,269,677 shares of the company were exchanged, compared to its average volume of 7,312,478. The firm’s fifty day moving average is $9.34. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.11 and a current ratio of 1.42. The firm has a market cap of $29.04 billion, a price-to-earnings ratio of 288.00 and a beta of 0.50. Telefonaktiebolaget LM Ericsson has a 12-month low of $7.63 and a 12-month high of $10.46.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last posted its earnings results on Wednesday, July 17th. The communications equipment provider reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The company had revenue of $54.80 billion for the quarter, compared to analysts’ expectations of $53.25 billion. Telefonaktiebolaget LM Ericsson had a return on equity of 6.37% and a net margin of 0.16%. The firm’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.09) EPS. As a group, equities research analysts predict that Telefonaktiebolaget LM Ericsson will post 0.36 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Picton Mahoney Asset Management acquired a new position in shares of Telefonaktiebolaget LM Ericsson during the first quarter worth $2,593,000. Bank of America Corp DE increased its position in shares of Telefonaktiebolaget LM Ericsson by 65.2% during the fourth quarter. Bank of America Corp DE now owns 2,318,920 shares of the communications equipment provider’s stock worth $20,568,000 after purchasing an additional 915,047 shares in the last quarter. FIL Ltd acquired a new position in shares of Telefonaktiebolaget LM Ericsson during the first quarter worth $2,328,000. Zeke Capital Advisors LLC increased its position in shares of Telefonaktiebolaget LM Ericsson by 37.0% during the first quarter. Zeke Capital Advisors LLC now owns 308,184 shares of the communications equipment provider’s stock worth $2,829,000 after purchasing an additional 83,197 shares in the last quarter. Finally, RFG Advisory LLC acquired a new position in shares of Telefonaktiebolaget LM Ericsson during the first quarter worth $174,000. 7.82% of the stock is currently owned by institutional investors and hedge funds.

About Telefonaktiebolaget LM Ericsson

Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for service providers. It operates through four segments: Networks, Digital Services, Managed Services, and Emerging Business and Other. The Networks segment provides mobile radio access networks, transport solutions, and site solutions, as well as related services, such as network rollout, network tuning, and customer support.

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Analyst Recommendations for Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC)

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