Nokia (NYSE:NOK) Upgraded at Argus

Nokia (NYSE:NOK) was upgraded by research analysts at Argus to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other analysts also recently issued reports on the stock. UBS Group restated a “neutral” rating on shares of Nokia in a report on Tuesday, October 28th. Raymond James Financial restated an “outperform” rating on shares of Nokia in a research note on Thursday, October 23rd. JPMorgan Chase & Co. lifted their price target on shares of Nokia from $7.10 to $8.00 and gave the stock an “overweight” rating in a report on Monday, December 1st. Jefferies Financial Group raised Nokia from a “hold” rating to a “buy” rating in a report on Tuesday, October 28th. Finally, Danske upgraded Nokia from a “hold” rating to a “buy” rating in a research note on Friday, November 21st. Nine equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $7.01.

Nokia Stock Down 4.8%

NOK opened at $6.99 on Wednesday. Nokia has a fifty-two week low of $4.00 and a fifty-two week high of $8.19. The firm has a market capitalization of $40.11 billion, a P/E ratio of 53.73, a PEG ratio of 2.67 and a beta of 0.81. The company’s 50-day moving average is $6.57 and its 200 day moving average is $5.71. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.58 and a quick ratio of 1.36.

Institutional Investors Weigh In On Nokia

Institutional investors have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership grew its position in shares of Nokia by 50.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 43,424,695 shares of the technology company’s stock valued at $208,873,000 after purchasing an additional 14,482,665 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in Nokia by 35,010.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 12,655,143 shares of the technology company’s stock worth $60,871,000 after purchasing an additional 12,619,099 shares during the period. Pzena Investment Management LLC boosted its stake in Nokia by 17.0% in the 3rd quarter. Pzena Investment Management LLC now owns 80,329,917 shares of the technology company’s stock worth $386,387,000 after purchasing an additional 11,667,677 shares during the period. ARGA Investment Management LP purchased a new position in Nokia during the 4th quarter valued at about $49,523,000. Finally, Folketrygdfondet increased its position in shares of Nokia by 66.6% during the third quarter. Folketrygdfondet now owns 17,380,530 shares of the technology company’s stock valued at $83,600,000 after buying an additional 6,950,487 shares during the period. Hedge funds and other institutional investors own 5.28% of the company’s stock.

About Nokia

Nokia Corporation, headquartered in Espoo, Finland, is a global telecommunications and technology company with roots dating back to 1865. Over its long history the company moved from forestry and cable operations into electronics and telecommunications, becoming widely known in the 1990s and 2000s for its mobile phones. In recent years Nokia refocused its business toward network infrastructure, software and technology licensing, and research and development, following the divestiture of its handset manufacturing business and the acquisition of Alcatel‑Lucent in 2016, which brought Bell Labs into its portfolio.

Today Nokia’s core activities center on designing, building and supporting communications networks and related software.