Nokia Corporation (NOK) Rating Lowered to Hold at Zacks Investment Research

Nokia Corporation (NYSE:NOK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, August 8th.

According to Zacks, “Shares of Nokia have outperformed the industry it belongs to, in the last one year. In fact, the recent licensing and business partnership with Apple has removed a major overhang on Nokia’s shares. Following the deal, Nokia got an up-front payment in cash from Apple. The development aided Nokia's second-quarter results, where it reported better-than-expected earnings per share and revenues. In addition, the company’s growth-by-acquisition strategy is encouraging. In early Jan 2016, Nokia Networks gained control of Alcatel-Lucent. Notably, the company now expects to realize annual operating cost synergies €1.2 billion in full-year 2018 from the deal. However, the below-par performance of its Networks division continues to hurt Nokia. In fact, revenues declined year over year in the second quarter. Also, its top line is vulnerable to adverse foreign currency movements since the company operates globally.”

A number of other equities research analysts also recently issued reports on NOK. Canaccord Genuity restated a “hold” rating and set a $7.00 price target on shares of Nokia Corporation in a research note on Thursday, July 27th. Bank of America Corporation reaffirmed a “neutral” rating on shares of Nokia Corporation in a research report on Friday, June 2nd. Vetr cut Nokia Corporation from a “strong-buy” rating to a “buy” rating and set a $7.10 price objective on the stock. in a research report on Wednesday, July 12th. BidaskClub raised Nokia Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of Nokia Corporation in a research report on Friday, June 16th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Nokia Corporation has an average rating of “Hold” and an average price target of $5.97.

Nokia Corporation (NYSE:NOK) traded down 0.96% during midday trading on Tuesday, reaching $6.19. 10,104,328 shares of the company’s stock traded hands. Nokia Corporation has a one year low of $4.04 and a one year high of $6.65. The stock’s market cap is $34.98 billion. The stock’s 50 day moving average price is $6.30 and its 200-day moving average price is $5.82.

Nokia Corporation (NYSE:NOK) last released its quarterly earnings results on Thursday, July 27th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.05. The business had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.64 billion. Nokia Corporation had a positive return on equity of 8.20% and a negative net margin of 1.78%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.03 EPS. Equities analysts predict that Nokia Corporation will post $0.30 earnings per share for the current year.

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A number of hedge funds have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd purchased a new stake in Nokia Corporation during the second quarter worth about $215,000. Arrowstreet Capital Limited Partnership purchased a new stake in Nokia Corporation during the second quarter worth about $13,766,000. Moors & Cabot Inc. increased its position in Nokia Corporation by 39.1% in the second quarter. Moors & Cabot Inc. now owns 260,139 shares of the technology company’s stock valued at $1,595,000 after buying an additional 73,078 shares in the last quarter. Lenox Wealth Management Inc. bought a new position in Nokia Corporation during the second quarter valued at $589,000. Finally, Royal Bank of Canada increased its position in Nokia Corporation by 56.7% in the second quarter. Royal Bank of Canada now owns 1,852,037 shares of the technology company’s stock valued at $11,408,000 after buying an additional 670,039 shares in the last quarter. 5.89% of the stock is currently owned by institutional investors and hedge funds.

About Nokia Corporation

Nokia Oyj is a Finland-based company engaged in the network and Internet protocol (IP) infrastructure, software, and related services market. The Company’s businesses include Nokia Networks and Nokia Technologies. The Company’s segments include Ultra Broadband Networks, IP Networks and Applications, and Nokia Technologies.

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