Nokia Corporation $NOK Stake Lessened by Pzena Investment Management LLC

Pzena Investment Management LLC lessened its stake in Nokia Corporation (NYSE:NOK) by 31.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 63,425,518 shares of the technology company’s stock after selling 28,516,989 shares during the quarter. Nokia makes up approximately 1.7% of Pzena Investment Management LLC’s holdings, making the stock its 23rd biggest holding. Pzena Investment Management LLC owned about 1.10% of Nokia worth $509,941,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of NOK. Fifth Third Bancorp boosted its holdings in Nokia by 248.7% in the fourth quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock worth $25,000 after purchasing an additional 2,721 shares during the period. Wexford Capital LP bought a new position in shares of Nokia in the 3rd quarter worth about $29,000. FNY Investment Advisers LLC grew its position in shares of Nokia by 33,457.1% during the 4th quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock valued at $30,000 after buying an additional 4,684 shares during the last quarter. Dorato Capital Management acquired a new stake in Nokia during the fourth quarter worth about $31,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Nokia in the third quarter worth about $34,000. 5.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NOK has been the subject of a number of research reports. Arete Research upgraded Nokia from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 29th. Northland Securities set a $20.00 target price on Nokia in a research note on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Nokia in a report on Friday, May 15th. Bank of America raised shares of Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price objective on the stock in a report on Monday, April 13th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Nokia from $14.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Thirteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.57.

Nokia Stock Down 2.8%

NOK stock opened at $12.91 on Thursday. The firm has a market cap of $74.13 billion, a PE ratio of 80.69, a P/E/G ratio of 2.58 and a beta of 1.17. Nokia Corporation has a 12 month low of $4.00 and a 12 month high of $17.45. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.57 and a quick ratio of 1.32. The firm has a 50 day simple moving average of $13.76 and a 200 day simple moving average of $9.72.

Nokia (NYSE:NOK) last posted its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.06 earnings per share (EPS) for the quarter. Nokia had a return on equity of 9.05% and a net margin of 4.02%.The company had revenue of $5.21 billion for the quarter. Equities research analysts forecast that Nokia Corporation will post 0.4 earnings per share for the current fiscal year.

Nokia Company Profile

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.