Nokia Corporation (NOK) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of Nokia Corporation (NYSE:NOK) from a buy rating to a hold rating in a research note issued to investors on Monday.
According to Zacks, “Shares of Nokia have outperformed the Zacks-categorized 'Wireless-Equipment' industry over the last one year. The recent resolution of the patent related dispute with Apple has removed a major overhang on Nokia’s shares. Following the deal, Nokia will get an up-front payment in cash from Apple. Nokia's growth-by-acquisition strategy is impressive. We are positive on Nokia's acquisitions of Withings S.A. and Gainspeed. In early Jan 2016, Nokia Networks gained control of Alcatel-Lucent. Nokia expects to realize annual operating cost synergies €1.2 billion in full-year 2018 from the deal. However, the below-par performance of its Networks division continues to hurt Nokia. Moreover, since the company operates globally its top line is vulnerable to adverse foreign currency movements.”
NOK has been the topic of a number of other research reports. BidaskClub downgraded Nokia Corporation from a buy rating to a hold rating in a report on Wednesday, July 5th. BMO Capital Markets reiterated a hold rating and set a $5.00 price target on shares of Nokia Corporation in a report on Thursday, April 27th. Citigroup Inc. assumed coverage on Nokia Corporation in a report on Thursday, June 8th. They set a neutral rating and a $6.00 price target on the stock. Vetr upgraded Nokia Corporation from a buy rating to a strong-buy rating and set a $7.28 target price on the stock in a research note on Friday, July 14th. Finally, Wells Fargo & Company restated a market perform rating on shares of Nokia Corporation in a research note on Friday, June 16th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $6.26.
Nokia Corporation (NOK) opened at 6.22 on Monday. The stock’s market capitalization is $35.35 billion. The company’s 50-day moving average price is $6.34 and its 200 day moving average price is $5.58. Nokia Corporation has a 52-week low of $4.04 and a 52-week high of $6.65.
Nokia Corporation (NYSE:NOK) last issued its earnings results on Thursday, April 27th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.01. The company had revenue of $5.39 billion during the quarter, compared to analyst estimates of $5.33 billion. Nokia Corporation had a positive return on equity of 6.57% and a negative net margin of 2.82%. The business’s revenue was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 earnings per share. On average, equities research analysts anticipate that Nokia Corporation will post $0.25 earnings per share for the current year.
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Large investors have recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. raised its stake in Nokia Corporation by 20.7% in the first quarter. Cullen Frost Bankers Inc. now owns 223,142 shares of the technology company’s stock worth $1,209,000 after buying an additional 38,218 shares during the last quarter. Financial Architects Inc raised its stake in Nokia Corporation by 112.9% in the first quarter. Financial Architects Inc now owns 52,182 shares of the technology company’s stock worth $283,000 after buying an additional 27,668 shares during the last quarter. Chevy Chase Trust Holdings Inc. bought a new stake in Nokia Corporation during the first quarter worth approximately $136,000. Capstone Asset Management Co. raised its stake in Nokia Corporation by 3.3% in the first quarter. Capstone Asset Management Co. now owns 491,268 shares of the technology company’s stock worth $2,663,000 after buying an additional 15,695 shares during the last quarter. Finally, CWM LLC raised its stake in Nokia Corporation by 2.5% in the first quarter. CWM LLC now owns 653,389 shares of the technology company’s stock worth $3,541,000 after buying an additional 15,721 shares during the last quarter. Institutional investors own 5.87% of the company’s stock.
Nokia Corporation Company Profile
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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