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 research 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.”
NOK has been the topic of several other research reports. Argus restated a “buy” rating and set a $10.00 price target on shares of Nokia Corp. in a report on Monday, August 15th. Bank of America Corp. reaffirmed a “buy” rating on shares of Nokia Corp. in a research report on Thursday, July 14th. BMO Capital Markets reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Nokia Corp. in a research report on Wednesday, August 3rd. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $5.01 price objective (down previously from $5.09) on shares of Nokia Corp. in a research report on Thursday. Finally, Vetr downgraded Nokia Corp. from a “buy” rating to a “hold” rating and set a $5.92 price objective on the stock. in a research report on Wednesday, July 13th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $6.89.
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Nokia Corp. (NYSE:NOK) traded down 3.635% during trading on Thursday, hitting $4.905. The stock had a trading volume of 15,414,816 shares. The stock has a market capitalization of $28.31 billion, a PE ratio of 27.099 and a beta of 1.47. The stock’s 50-day moving average is $5.64 and its 200-day moving average is $5.67. Nokia Corp. has a 52-week low of $4.88 and a 52-week high of $7.63.
Nokia Corp. (NYSE:NOK) last released its quarterly earnings results on Thursday, August 4th. The technology company reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.01. Nokia Corp. had a net margin of 4.13% and a return on equity of 7.60%. The company had revenue of $5.58 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter in the previous year, the company posted $0.09 EPS. The business’s quarterly revenue was up 91.3% on a year-over-year basis. On average, analysts predict that Nokia Corp. will post $0.20 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quantitative Systematic Strategies LLC purchased a new position in shares of Nokia Corp. during the second quarter valued at about $166,000. Diligent Investors LLC purchased a new position in shares of Nokia Corp. during the second quarter valued at about $165,000. Capital Fund Management S.A. purchased a new position in shares of Nokia Corp. during the second quarter valued at about $3,982,000. Prospera Financial Services Inc purchased a new position in shares of Nokia Corp. during the second quarter valued at about $101,000. Finally, Stoneridge Investment Partners LLC boosted 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. Hedge funds and other 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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