Nokia Corporation $NOK Stock Sold by Pzena Investment Management LLC

Pzena Investment Management LLC trimmed its position in Nokia Corporation (NYSE:NOK) by 99.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,205 shares of the technology company’s stock after selling 4,962,701 shares during the period. Pzena Investment Management LLC’s holdings in Nokia were worth $489,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in NOK. Provenance Wealth Advisors LLC bought a new position in Nokia during the 3rd quarter valued at $47,000. Gateway Wealth Partners LLC acquired a new position in shares of Nokia during the 1st quarter valued at $81,000. Waverly Advisors LLC bought a new stake in shares of Nokia in the 1st quarter worth $82,000. Stephens Inc. AR bought a new stake in shares of Nokia in the 1st quarter worth $87,000. Finally, Jackson Thornton Wealth Management LLC bought a new stake in shares of Nokia in the 1st quarter worth $95,000. 5.28% of the stock is currently owned by institutional investors and hedge funds.

Nokia Trading Down 9.7%

Shares of NYSE:NOK opened at $7.46 on Friday. The stock has a market capitalization of $42.81 billion, a price-to-earnings ratio of 18.36, a PEG ratio of 1.35 and a beta of 1.24. Nokia Corporation has a 1-year low of $5.86 and a 1-year high of $17.45. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.19 and a current ratio of 1.47. The company has a 50 day moving average price of $9.80 and a 200 day moving average price of $10.27.

Nokia (NYSE:NOK) last posted its quarterly earnings results on Thursday, October 22nd. The technology company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02. The firm had revenue of $5.84 billion for the quarter, compared to analyst estimates of $5.72 billion. Nokia had a net margin of 3.80% and a return on equity of 10.48%. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.06 earnings per share. On average, research analysts anticipate that Nokia Corporation will post 0.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NOK. JPMorgan Chase & Co. cut their price objective on Nokia from $21.00 to $20.50 and set an “overweight” rating for the company in a report on Friday, October 23rd. Sanford C. Bernstein reaffirmed a “neutral” rating on shares of Nokia in a report on Thursday, July 23rd. Rosenblatt Securities dropped their price target on shares of Nokia from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, October 23rd. B. Riley Financial initiated coverage on shares of Nokia in a research report on Thursday, September 17th. They issued a “buy” rating and a $15.00 price target on the stock. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Nokia in a report on Friday, September 4th. Sixteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $13.41.

About Nokia

Nokia Oyj is a Finland-based technology company that provides communications networking equipment, software and related services to telecommunications operators, enterprises, governments and other organizations worldwide. Its offerings support fixed and mobile broadband, optical and IP networks, data centers, cloud environments and private wireless communications.

The company’s business activities include mobile network infrastructure, network automation and management software, fiber and broadband access, optical networking, routing, data-center networking, and cloud and network services.