Nokia Corp. (NOK) Downgraded to “Hold” at Zacks Investment Research
Nokia Corp. (NYSE:NOK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Nokia expects to realize annual operating cost synergies of more than the previously stated €900 million from the Alcatel-Lucent deal in 2018 which is encouraging. However, the mobile device maker has been struggling due to the unimpressive performance of its flagship unit– the Nokia Networks division. We are optimistic on the company’s efforts to expand its product portfolio. Nokia recently acquired U.S. based startup Eta Devices to improve its base station power efficiency. Enhancement of its Mobile Edge Computing Application, launch of Everything as a Service (Xaas) platform and expansion of AirScale Radio Access Portfolio are encouraging. Recently, the company announced a breackthrough F-cell technology in the wireless space. The new services are expected to reduce costs and improve efficiency for the company’s customers and meet demands of a rapidly changing technology sector.”
Other research analysts have also issued research reports about the stock. Goldman Sachs Group Inc. upgraded shares of Nokia Corp. from a “neutral” rating to a “buy” rating and raised their price objective for the company from $5.54 to $5.60 in a report on Wednesday, June 29th. Vetr lowered shares of Nokia Corp. from a “strong-buy” rating to a “buy” rating and set a $5.98 price objective for the company. in a report on Tuesday, June 28th. Bank of America Corp. reiterated a “buy” rating on shares of Nokia Corp. in a report on Thursday, July 14th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Nokia Corp. in a report on Thursday, July 14th. Finally, Credit Suisse Group AG restated a “buy” rating on shares of Nokia Corp. in a report on Wednesday, June 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company. Nokia Corp. has an average rating of “Buy” and an average price target of $7.06.
Nokia Corp. (NYSE:NOK) traded down 1.38% on Wednesday, hitting $5.70. 7,020,268 shares of the stock traded hands. The stock has a 50-day moving average price of $5.68 and a 200 day moving average price of $5.69. Nokia Corp. has a 1-year low of $5.01 and a 1-year high of $7.63. The company has a market cap of $32.90 billion, a price-to-earnings ratio of 31.32 and a beta of 1.47.
Nokia Corp. (NYSE:NOK) last issued its quarterly earnings data on Thursday, August 4th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by $0.01. The business earned $5.58 billion during the quarter, compared to the consensus estimate of $5.80 billion. Nokia Corp. had a net margin of 4.13% and a return on equity of 7.60%. The firm’s quarterly revenue was up 91.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.09 EPS. On average, analysts anticipate that Nokia Corp. will post $0.20 EPS for the current fiscal year.
Several large investors have recently added to or reduced their stakes in the company. Quantitative Systematic Strategies LLC acquired a new stake in Nokia Corp. during the second quarter worth approximately $166,000. Diligent Investors LLC acquired a new stake in Nokia Corp. during the second quarter worth approximately $165,000. Capital Fund Management S.A. acquired a new stake in Nokia Corp. during the second quarter worth approximately $3,982,000. Prospera Financial Services Inc acquired a new stake in Nokia Corp. during the second quarter worth approximately $101,000. Finally, Stoneridge Investment Partners LLC boosted its stake in Nokia Corp. by 17.5% in the second quarter. Stoneridge Investment Partners LLC now owns 658,881 shares of the technology company’s stock worth $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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