Nokia Corporation (NOK) Downgraded by BNP Paribas
Nokia Corporation (NYSE:NOK) was downgraded by equities researchers at BNP Paribas from a “neutral” rating to an “underperform” rating in a research report issued on Thursday.
Several other research firms also recently commented on NOK. Citigroup Inc. assumed coverage on shares of Nokia Corporation in a report on Thursday, June 8th. They set a “neutral” rating and a $6.00 price objective on the stock. Zacks Investment Research downgraded shares of Nokia Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Bank of America Corporation reissued a “neutral” rating on shares of Nokia Corporation in a report on Friday, June 2nd. Vetr raised shares of Nokia Corporation from a “buy” rating to a “strong-buy” rating and set a $7.22 target price on the stock in a research note on Wednesday, August 9th. Finally, Societe Generale started coverage on shares of Nokia Corporation in a research note on Wednesday, June 14th. They issued a “buy” rating on the stock. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $5.91.
Shares of Nokia Corporation (NOK) traded down 2.10% during mid-day trading on Thursday, reaching $6.05. 16,488,750 shares of the company’s stock traded hands. Nokia Corporation has a 12-month low of $4.04 and a 12-month high of $6.65. The company’s market cap is $34.19 billion. The firm has a 50-day moving average of $6.25 and a 200 day moving average of $6.01.
Nokia Corporation (NYSE:NOK) last posted its quarterly earnings results on Thursday, July 27th. The technology company reported $0.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.05. The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.64 billion. Nokia Corporation had a negative net margin of 1.78% and a positive return on equity of 8.20%. The firm’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 earnings per share. Equities analysts forecast that Nokia Corporation will post $0.30 EPS for the current year.
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Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Nokia Corporation during the 2nd quarter worth $215,000. Arrowstreet Capital Limited Partnership purchased a new stake in Nokia Corporation in the second quarter valued at about $13,766,000. Moors & Cabot Inc. raised its stake in Nokia Corporation by 39.1% in the second quarter. Moors & Cabot Inc. now owns 260,139 shares of the technology company’s stock valued at $1,595,000 after buying an additional 73,078 shares during the last quarter. Lenox Wealth Management Inc. purchased a new stake in Nokia Corporation in the second quarter valued at about $589,000. Finally, Royal Bank of Canada raised its stake in Nokia Corporation by 56.7% in the second quarter. Royal Bank of Canada now owns 1,852,037 shares of the technology company’s stock valued at $11,408,000 after buying an additional 670,039 shares during the last quarter. Hedge funds and other institutional investors own 5.85% of the company’s stock.
About Nokia Corporation
Nokia Oyj is a Finland-based company engaged in the network and Internet protocol (IP) infrastructure, software, and related services market. The Company’s businesses include Nokia Networks and Nokia Technologies. The Company’s segments include Ultra Broadband Networks, IP Networks and Applications, and Nokia Technologies.
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