Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) Downgraded to “Hold” at ValuEngine

ValuEngine downgraded shares of Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) from a buy rating to a hold rating in a report published on Thursday, ValuEngine reports.

A number of other analysts also recently commented on the stock. DZ Bank upgraded shares of Telefonaktiebolaget LM Ericsson from a hold rating to a buy rating in a report on Friday, September 20th. New Street Research began coverage on shares of Telefonaktiebolaget LM Ericsson in a report on Friday, October 18th. They issued a neutral rating on the stock. Canaccord Genuity upgraded shares of Telefonaktiebolaget LM Ericsson from a hold rating to a buy rating in a report on Tuesday, October 1st. Goldman Sachs Group upgraded shares of Telefonaktiebolaget LM Ericsson from a buy rating to a conviction-buy rating and set a $11.50 target price on the stock in a report on Monday, July 29th. Finally, BidaskClub downgraded shares of Telefonaktiebolaget LM Ericsson from a buy rating to a hold rating in a report on Tuesday, October 29th. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $10.07.

Shares of ERIC stock traded down $0.03 during midday trading on Thursday, reaching $9.10. 3,011,300 shares of the company were exchanged, compared to its average volume of 6,197,867. Telefonaktiebolaget LM Ericsson has a 12 month low of $7.58 and a 12 month high of $10.46. The company has a market cap of $29.45 billion, a P/E ratio of 303.33 and a beta of 0.57. The company’s 50 day moving average price is $8.68 and its two-hundred day moving average price is $8.91. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.34.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last released its quarterly earnings results on Thursday, October 17th. The communications equipment provider reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.27). Telefonaktiebolaget LM Ericsson had a negative return on equity of 4.44% and a negative net margin of 3.89%. The company had revenue of $57.13 billion for the quarter, compared to the consensus estimate of $56.60 billion. During the same quarter last year, the firm posted $1.03 earnings per share. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, sell-side analysts predict that Telefonaktiebolaget LM Ericsson will post 0.44 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Canton Hathaway LLC raised its holdings in shares of Telefonaktiebolaget LM Ericsson by 30.5% in the 2nd quarter. Canton Hathaway LLC now owns 5,220 shares of the communications equipment provider’s stock worth $50,000 after purchasing an additional 1,220 shares in the last quarter. Advisor Partners LLC raised its holdings in shares of Telefonaktiebolaget LM Ericsson by 3.3% during the second quarter. Advisor Partners LLC now owns 39,732 shares of the communications equipment provider’s stock valued at $377,000 after acquiring an additional 1,280 shares during the period. Commonwealth Equity Services LLC raised its holdings in shares of Telefonaktiebolaget LM Ericsson by 2.9% during the third quarter. Commonwealth Equity Services LLC now owns 62,802 shares of the communications equipment provider’s stock valued at $501,000 after acquiring an additional 1,753 shares during the period. Synovus Financial Corp raised its holdings in shares of Telefonaktiebolaget LM Ericsson by 129.2% during the second quarter. Synovus Financial Corp now owns 3,548 shares of the communications equipment provider’s stock valued at $34,000 after acquiring an additional 2,000 shares during the period. Finally, First Allied Advisory Services Inc. raised its holdings in shares of Telefonaktiebolaget LM Ericsson by 16.9% during the second quarter. First Allied Advisory Services Inc. now owns 16,276 shares of the communications equipment provider’s stock valued at $155,000 after acquiring an additional 2,358 shares during the period. Institutional investors and hedge funds own 8.31% of the company’s stock.

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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