Telefonaktiebolaget LM Ericsson (ERIC) Lowered to Underperform at Bank of America

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) was downgraded by equities research analysts at Bank of America from a “buy” rating to an “underperform” rating in a report released on Monday, MarketBeat reports.

ERIC has been the topic of several other research reports. Zacks Investment Research downgraded shares of Telefonaktiebolaget LM Ericsson from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 9th. Citigroup downgraded shares of Telefonaktiebolaget LM Ericsson from a “buy” rating to a “neutral” rating in a research note on Thursday, November 9th. BidaskClub upgraded shares of Telefonaktiebolaget LM Ericsson from a “strong sell” rating to a “sell” rating in a research note on Tuesday, January 16th. ValuEngine upgraded shares of Telefonaktiebolaget LM Ericsson from a “sell” rating to a “hold” rating in a research note on Saturday, October 21st. Finally, Canaccord Genuity restated a “hold” rating and issued a $6.50 price objective on shares of Telefonaktiebolaget LM Ericsson in a research note on Thursday, December 21st. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $5.49.

Shares of Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) traded down $0.51 during trading on Monday, hitting $6.20. 10,756,252 shares of the stock traded hands, compared to its average volume of 5,420,000. The firm has a market capitalization of $21,160.00, a P/E ratio of -4.56, a price-to-earnings-growth ratio of 54.00 and a beta of 0.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.33 and a current ratio of 1.59. Telefonaktiebolaget LM Ericsson has a twelve month low of $5.52 and a twelve month high of $7.47.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last announced its quarterly earnings data on Wednesday, January 31st. The communications equipment provider reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.18). The company had revenue of $57.20 billion during the quarter, compared to analyst estimates of $58.24 billion. Telefonaktiebolaget LM Ericsson had a negative return on equity of 11.30% and a negative net margin of 17.57%. The company’s revenue was down 12.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.62 EPS. analysts anticipate that Telefonaktiebolaget LM Ericsson will post 0.09 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of the stock. Eqis Capital Management Inc. lifted its position in Telefonaktiebolaget LM Ericsson by 79.0% in the fourth quarter. Eqis Capital Management Inc. now owns 142,488 shares of the communications equipment provider’s stock worth $952,000 after purchasing an additional 62,864 shares during the period. Lockheed Martin Investment Management Co. lifted its holdings in shares of Telefonaktiebolaget LM Ericsson by 5.5% during the fourth quarter. Lockheed Martin Investment Management Co. now owns 179,300 shares of the communications equipment provider’s stock valued at $1,198,000 after acquiring an additional 9,300 shares during the period. Bank of Montreal Can lifted its holdings in shares of Telefonaktiebolaget LM Ericsson by 18.4% during the fourth quarter. Bank of Montreal Can now owns 102,038 shares of the communications equipment provider’s stock valued at $682,000 after acquiring an additional 15,847 shares during the period. Jane Street Group LLC lifted its holdings in shares of Telefonaktiebolaget LM Ericsson by 8.7% during the third quarter. Jane Street Group LLC now owns 1,692,288 shares of the communications equipment provider’s stock valued at $9,731,000 after acquiring an additional 135,636 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of Telefonaktiebolaget LM Ericsson by 19.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 218,684 shares of the communications equipment provider’s stock valued at $1,257,000 after acquiring an additional 35,279 shares during the period. 8.07% of the stock is owned by hedge funds and other institutional investors.

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About Telefonaktiebolaget LM Ericsson

Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.

Analyst Recommendations for Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC)