Zacks Investment Research upgraded shares of Nokia (NYSE:NOK) from a hold rating to a buy rating in a research report report published on Thursday morning. The brokerage currently has $6.00 price objective on the technology company’s stock.
According to Zacks, “Nokia is driving the transition of global enterprises into smart virtual networks by creating a single network for all services, converging mobile and fixed broadband, IP routing and optical networks with the software and services to manage them. Leveraging state-of-the-art technology, the company is transforming the way people and things communicate and connect with each other. Nokia remains focused on its strategy that hinges on four strategic priorities. The company is continuously expanding its business into targeted, high-growth and high-margin vertical markets to address growth opportunities beyond traditional primary markets. Nokia’s Networks division is also expected to grow faster than the primary addressable market. It outperformed the industry in the last three months on an average. However, Brexit could result in higher tariff and non-tariff barriers to trade between the U.K. and the European Union, lowering its productivity.”
A number of other equities research analysts have also commented on the company. Vetr upgraded Nokia from a hold rating to a buy rating and set a $5.78 price target on the stock in a research report on Friday, March 23rd. Citigroup reiterated a neutral rating on shares of Nokia in a research report on Friday, March 2nd. Bank of America upgraded Nokia from a neutral rating to a buy rating in a research report on Monday, February 5th. They noted that the move was a valuation call. MKM Partners upgraded Nokia from a neutral rating to a buy rating and upped their price target for the company from $5.50 to $7.50 in a research report on Friday, February 2nd. Finally, Canaccord Genuity reiterated a hold rating and issued a $6.00 price target on shares of Nokia in a research report on Thursday, February 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $5.61.
Nokia (NYSE:NOK) last released its quarterly earnings results on Thursday, February 1st. The technology company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. Nokia had a positive return on equity of 10.80% and a negative net margin of 6.37%. The firm had revenue of $6.67 billion for the quarter, compared to analyst estimates of $6.41 billion. During the same quarter in the previous year, the company posted $0.12 EPS. The business’s revenue was down .7% on a year-over-year basis. equities research analysts expect that Nokia will post 0.31 EPS for the current year.
The firm also recently announced a special dividend, which will be paid on Monday, June 18th. Investors of record on Friday, June 1st will be given a dividend of $0.2364 per share. The ex-dividend date is Thursday, May 31st. This represents a dividend yield of 3.5%. Nokia’s payout ratio is 35.14%.
Several institutional investors have recently made changes to their positions in NOK. Arrowstreet Capital Limited Partnership bought a new stake in shares of Nokia during the 4th quarter valued at about $54,836,000. Levin Capital Strategies L.P. boosted its position in shares of Nokia by 25.2% during the 4th quarter. Levin Capital Strategies L.P. now owns 54,775,642 shares of the technology company’s stock valued at $255,254,000 after purchasing an additional 11,016,150 shares in the last quarter. Brandes Investment Partners LP boosted its position in shares of Nokia by 38.8% during the 4th quarter. Brandes Investment Partners LP now owns 10,247,013 shares of the technology company’s stock valued at $47,751,000 after purchasing an additional 2,867,023 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Nokia by 47.8% during the 4th quarter. Renaissance Technologies LLC now owns 7,673,680 shares of the technology company’s stock valued at $35,759,000 after purchasing an additional 2,482,900 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of Nokia by 69.0% during the 4th quarter. Millennium Management LLC now owns 4,424,030 shares of the technology company’s stock valued at $20,616,000 after purchasing an additional 1,806,219 shares in the last quarter. Institutional investors own 6.64% of the company’s stock.
Nokia Corporation, together with its subsidiaries, provides network infrastructure and related services worldwide. The company operates through three segments: Ultra Broadband Networks, IP Networks and Applications, and Nokia Technologies. It offers mobile networking solutions, such as hardware, software, and services for telecommunications operators, enterprises, and related markets/verticals; radio access network solutions; Internet protocol multimedia subsystem/voice over LTE, subscriber data management and other virtualized software infrastructure solutions; backhaul solutions; and network planning, implementation, operations, and maintenance solutions.
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