1,730,000 Shares in Nokia Corporation $NOK Bought by Irenic Capital Management LP

Irenic Capital Management LP acquired a new stake in Nokia Corporation (NYSE:NOK) in the second quarter, Holdings Channel reports. The institutional investor acquired 1,730,000 shares of the technology company’s stock, valued at approximately $22,974,000. Nokia accounts for about 1.1% of Irenic Capital Management LP’s portfolio, making the stock its 21st largest holding.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Amundi acquired a new position in shares of Nokia during the 1st quarter worth about $776,000. AQR Capital Management LLC raised its position in shares of Nokia by 27.5% in the 1st quarter. AQR Capital Management LLC now owns 186,997 shares of the technology company’s stock valued at $985,000 after acquiring an additional 40,276 shares during the period. Millennium Management LLC boosted its stake in Nokia by 6,539.2% during the 1st quarter. Millennium Management LLC now owns 2,841,558 shares of the technology company’s stock worth $14,975,000 after acquiring an additional 2,798,758 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Nokia by 6,204.9% during the 1st quarter. NewEdge Advisors LLC now owns 60,464 shares of the technology company’s stock worth $319,000 after acquiring an additional 59,505 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Nokia by 8.7% during the first quarter. Goldman Sachs Group Inc. now owns 12,550,274 shares of the technology company’s stock valued at $66,140,000 after purchasing an additional 1,002,033 shares during the period. Institutional investors and hedge funds own 5.28% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on NOK. Weiss Ratings reiterated a “hold (c)” rating on shares of Nokia in a report on Tuesday, June 9th. JPMorgan Chase & Co. boosted their price target on shares of Nokia from $14.00 to $21.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Morgan Stanley reaffirmed an “overweight” rating on shares of Nokia in a research note on Friday, May 22nd. Danske upgraded Nokia from a “hold” rating to a “buy” rating in a report on Wednesday, July 1st. Finally, Northland Securities set a $20.00 target price on Nokia in a research note on Wednesday, June 3rd. Twelve research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $13.83.

Nokia Stock Up 2.9%

Nokia stock opened at $10.05 on Friday. The stock has a market capitalization of $57.71 billion, a PE ratio of 71.79, a price-to-earnings-growth ratio of 1.18 and a beta of 1.21. Nokia Corporation has a twelve month low of $4.48 and a twelve month high of $17.45. The company has a quick ratio of 1.22, a current ratio of 1.50 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average of $10.51 and a 200-day moving average of $10.92.

Nokia (NYSE:NOK) last issued its quarterly earnings data on Thursday, July 23rd. The technology company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $5.50 billion for the quarter, compared to analyst estimates of $5.57 billion. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the business posted $0.04 earnings per share. On average, equities research analysts anticipate that Nokia Corporation will post 0.39 EPS 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.