Zacks Investment Research lowered shares of Nokia Corp. (NYSE:NOK) from a hold rating to a sell rating in a research report sent to investors on Thursday morning.
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.”
Other equities analysts also recently issued research reports about the stock. Goldman Sachs Group Inc. downgraded shares of Nokia Corp. from a conviction-buy rating to a buy rating in a report on Thursday. Credit Suisse Group AG reissued an outperform rating and issued a $5.01 target price (down previously from $5.09) on shares of Nokia Corp. in a report on Thursday. Vetr downgraded shares of Nokia Corp. from a buy rating to a hold rating and set a $5.92 target price on the stock. in a report on Wednesday, July 13th. Morgan Stanley reaffirmed a neutral rating on shares of Nokia Corp. in a research note on Friday, August 12th. Finally, Canaccord Genuity reaffirmed a buy rating and set a $7.00 price target on shares of Nokia Corp. in a research note on Monday, August 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Nokia Corp. currently has an average rating of Buy and an average target price of $6.73.
Shares of Nokia Corp. (NYSE:NOK) traded up 0.40% during midday trading on Thursday, hitting $4.96. 4,763,607 shares of the stock were exchanged. The stock has a market cap of $28.63 billion, a P/E ratio of 27.40 and a beta of 1.47. The firm has a 50 day moving average of $5.62 and a 200-day moving average of $5.67. Nokia Corp. has a 12 month low of $4.88 and a 12 month high of $7.63.
Nokia Corp. (NYSE:NOK) last released its earnings results on Thursday, August 4th. The technology company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.04 by $0.01. Nokia Corp. had a return on equity of 7.60% and a net margin of 4.13%. The company earned $5.58 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same period last year, the firm posted $0.09 EPS. Nokia Corp.’s quarterly revenue was up 91.3% compared to the same quarter last year. Equities research analysts anticipate that Nokia Corp. will post $0.20 EPS for the current year.
Several hedge funds have recently added to or reduced their stakes in the stock. Levin Capital Strategies L.P. purchased a new stake in Nokia Corp. during the second quarter worth $91,405,000. Brandes Investment Partners LP purchased a new stake in Nokia Corp. during the second quarter worth $55,182,000. Waddell & Reed Financial Inc. boosted its stake in Nokia Corp. by 16.3% in the second quarter. Waddell & Reed Financial Inc. now owns 7,896,000 shares of the technology company’s stock worth $44,928,000 after buying an additional 1,107,100 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in Nokia Corp. during the second quarter worth $30,399,000. Finally, Bowen Hanes & Co. Inc. boosted its stake in Nokia Corp. by 8,371.1% in the second quarter. Bowen Hanes & Co. Inc. now owns 3,303,735 shares of the technology company’s stock worth $18,798,000 after buying an additional 3,264,735 shares in the last quarter. Institutional investors and hedge funds own 4.28% of the company’s stock.
About Nokia Corp.
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.