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 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 equities research analysts also recently weighed in on the stock. Goldman Sachs Group Inc. downgraded shares of Nokia Corp. from a “conviction-buy” rating to a “buy” rating in a research note on Thursday. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $5.01 target price (down from $5.09) on shares of Nokia Corp. in a research note on Thursday. Morgan Stanley reaffirmed a “neutral” rating on shares of Nokia Corp. in a research note on Monday. Canaccord Genuity reaffirmed a “buy” rating and issued a $7.00 target price on shares of Nokia Corp. in a research note on Monday, September 19th. Finally, Bank of America Corp. reaffirmed a “buy” rating and issued a $6.00 target price on shares of Nokia Corp. in a research note on Thursday, September 8th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $6.89.
Nokia Corp. (NYSE:NOK) traded down 3.635% on Thursday, hitting $4.905. 15,414,816 shares of the company were exchanged. The company has a market capitalization of $28.31 billion, a price-to-earnings ratio of 27.099 and a beta of 1.47. The stock has a 50 day moving average of $5.64 and a 200 day moving average of $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 announced its earnings results on Thursday, August 4th. The technology company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by $0.01. The company 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 period in the prior year, the business earned $0.09 earnings per share. Analysts predict that Nokia Corp. will post $0.20 EPS for the current fiscal year.
Several institutional investors have recently bought and sold shares of the company. Quantitative Systematic Strategies LLC bought a new position in Nokia Corp. during the second quarter valued at about $166,000. Diligent Investors LLC bought a new position in Nokia Corp. during the second quarter valued at about $165,000. Capital Fund Management S.A. bought a new position in Nokia Corp. during the second quarter valued at about $3,982,000. Prospera Financial Services Inc bought a new position in Nokia Corp. during the second quarter valued at about $101,000. Finally, Stoneridge Investment Partners LLC raised its position 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 valued at $3,749,000 after buying an additional 98,194 shares in the last quarter. 4.28% of the stock is owned by hedge funds and other institutional investors.
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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