Nokia Corp. (NYSE:NOK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.
According to Zacks, “Nokia has been struggling due to the unimpressive performance of its flagship unit– the Nokia Networks division. The company has been investing heavily in research and developmnt expecnses as the company continues to produce innovative new technologies. While we are optimistic on the comapny's expandion of its product portfolio, we are also wary of the increased expenses. Additionally, the company has been pursuing an active acquisition strategy. This strategy threatens to expose the company to integration and foreign currency risks. We however remain positive on the company's sustain efforts to introduce customer centric products.”
A number of other research firms have also weighed in on NOK. Bank of America Corp. restated a “buy” rating on shares of Nokia Corp. in a report on Thursday, July 14th. JPMorgan Chase & Co. restated a “buy” rating on shares of Nokia Corp. in a report on Thursday, July 14th. Vetr lowered Nokia Corp. from a “buy” rating to a “hold” rating and set a $5.92 target price for the company. in a report on Wednesday, July 13th. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $8.00 target price on shares of Nokia Corp. in a report on Tuesday, August 16th. Finally, Argus restated a “buy” rating and set a $10.00 target price on shares of Nokia Corp. in a report on Monday, August 15th. Two analysts have rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $6.73.
Nokia Corp. (NYSE:NOK) opened at 4.95 on Thursday. The company has a market cap of $28.57 billion, a P/E ratio of 27.35 and a beta of 1.47. The firm has a 50-day moving average price of $5.60 and a 200-day moving average price of $5.66. Nokia Corp. has a 52 week low of $4.88 and a 52 week high of $7.63.
Nokia Corp. (NYSE:NOK) last posted its earnings results on Thursday, August 4th. The technology company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $5.58 billion for the quarter, compared to analysts’ expectations of $5.80 billion. Nokia Corp. had a return on equity of 7.60% and a net margin of 4.13%. The firm’s quarterly revenue was up 91.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.09 EPS. Equities research analysts anticipate that Nokia Corp. will post $0.20 EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of the company. Prospera Financial Services Inc boosted its stake in Nokia Corp. by 5.6% in the third quarter. Prospera Financial Services Inc now owns 18,803 shares of the technology company’s stock valued at $109,000 after buying an additional 1,000 shares during the last quarter. Capstone Asset Management Co. boosted its stake in Nokia Corp. by 2.0% in the third quarter. Capstone Asset Management Co. now owns 469,883 shares of the technology company’s stock valued at $2,721,000 after buying an additional 9,300 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in Nokia Corp. by 40.5% in the third quarter. BNP Paribas Arbitrage SA now owns 79,874 shares of the technology company’s stock valued at $462,000 after buying an additional 23,020 shares during the last quarter. Eqis Capital Management Inc. boosted its stake in Nokia Corp. by 14.7% in the third quarter. Eqis Capital Management Inc. now owns 26,811 shares of the technology company’s stock valued at $155,000 after buying an additional 3,431 shares during the last quarter. Finally, National Asset Management Inc. purchased a new stake in Nokia Corp. during the second quarter valued at about $113,000. Institutional investors own 4.28% of the company’s stock.
Nokia Corp. Company Profile
Nokia Corporation is a global provider of network infrastructure and related services, with a focus on mobile broadband, as well as advanced technology development and licensing. The Company’s businesses include Nokia Networks and Nokia Technologies. The Company’s segments include Mobile Broadband, Global Services, Nokia Networks Other and Nokia Technologies.
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