Nokia Corp. (NOK) Downgraded by Zacks Investment Research
Nokia Corp. (NYSE:NOK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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 analysts have also weighed in on the company. Goldman Sachs Group Inc. lowered Nokia Corp. from a “conviction-buy” rating to a “buy” rating in a research report on Thursday. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $5.01 price objective (down previously from $5.09) on shares of Nokia Corp. in a research report on Thursday. Morgan Stanley reaffirmed a “neutral” rating on shares of Nokia Corp. in a research report on Monday. Canaccord Genuity reaffirmed a “buy” rating and set a $7.00 price objective on shares of Nokia Corp. in a research report on Monday, September 19th. Finally, Bank of America Corp. reaffirmed a “buy” rating and set a $6.00 price objective on shares of Nokia Corp. in a research report on Thursday, September 8th. Two analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. Nokia Corp. currently has a consensus rating of “Buy” and a consensus target price of $6.89.
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Nokia Corp. (NYSE:NOK) traded down 3.73% during mid-day trading on Thursday, reaching $4.90. The company had a trading volume of 15,883,998 shares. The stock has a market capitalization of $28.28 billion, a P/E ratio of 27.07 and a beta of 1.47. Nokia Corp. has a 12-month low of $4.88 and a 12-month high of $7.63. The stock has a 50 day moving average price of $5.64 and a 200-day moving average price of $5.67.
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 Zacks’ consensus estimate of $0.04 by $0.01. The firm earned $5.58 billion during the quarter, compared to analysts’ expectations of $5.80 billion. Nokia Corp. had a net margin of 4.13% and a return on equity of 7.60%. The company’s revenue for the quarter was up 91.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.09 EPS. Equities analysts anticipate that Nokia Corp. will post $0.20 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in NOK. Quantitative Systematic Strategies LLC bought a new position in Nokia Corp. during the second quarter valued at $166,000. Diligent Investors LLC acquired a new position in shares of Nokia Corp. during the second quarter valued at approximately $165,000. Capital Fund Management S.A. acquired a new position in shares of Nokia Corp. during the second quarter valued at approximately $3,982,000. Prospera Financial Services Inc acquired a new position in shares of Nokia Corp. during the second quarter valued at approximately $101,000. Finally, Stoneridge Investment Partners LLC increased its position in shares of Nokia Corp. by 17.5% in the second quarter. Stoneridge Investment Partners LLC now owns 658,881 shares of the technology company’s stock valued at $3,749,000 after buying an additional 98,194 shares during the last quarter. 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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