Nokia Corp. (NOK) Cut to Hold at Zacks Investment Research
According to Zacks, “Nokia expects to realize annual operating cost synergies of more than the previously stated €900 million from the Alcatel-Lucent deal in 2018 which is encouraging. However, the mobile device maker has been struggling due to the unimpressive performance of its flagship unit– the Nokia Networks division. We are optimistic on the company’s efforts to expand its product portfolio. Nokia recently acquired U.S. based startup Eta Devices to improve its base station power efficiency. Enhancement of its Mobile Edge Computing Application, launch of Everything as a Service (Xaas) platform and expansion of AirScale Radio Access Portfolio are encouraging. Recently, the company announced a breackthrough F-cell technology in the wireless space. The new services are expected to reduce costs and improve efficiency for the company’s customers and meet demands of a rapidly changing technology sector.”
NOK has been the subject of several other reports. JPMorgan Chase & Co. restated a focus list rating on shares of Nokia Corp. in a research report on Friday, June 10th. Argus restated a buy rating and set a $10.00 price objective on shares of Nokia Corp. in a research report on Monday, August 15th. Bank of America Corp. reiterated a buy rating on shares of Nokia Corp. in a report on Thursday, July 14th. BMO Capital Markets reiterated a buy rating and issued a $7.00 price target on shares of Nokia Corp. in a report on Wednesday, August 3rd. Finally, Vetr downgraded Nokia Corp. from a buy rating to a hold rating and set a $5.92 price target for the company. in a report on Wednesday, July 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $7.06.
Shares of Nokia Corp. (NYSE:NOK) opened at 5.53 on Wednesday. Nokia Corp. has a 52 week low of $5.01 and a 52 week high of $7.63. The firm has a market capitalization of $31.92 billion, a PE ratio of 30.38 and a beta of 1.47. The stock has a 50 day moving average price of $5.67 and a 200 day moving average price of $5.68.
Nokia Corp. (NYSE:NOK) last issued its quarterly earnings data on Thursday, August 4th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.01. Nokia Corp. had a return on equity of 7.60% and a net margin of 4.13%. The company had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the firm earned $0.09 earnings per share. The company’s revenue for the quarter was up 91.3% on a year-over-year basis. Equities analysts forecast that Nokia Corp. will post $0.20 earnings per share for the current fiscal year.
Large investors have recently modified their holdings of the stock. Societe Generale bought a new stake in shares of Nokia Corp. during the second quarter worth about $924,000. Bank of Montreal Can bought a new stake in shares of Nokia Corp. during the second quarter worth about $454,000. Blair William & Co. IL bought a new stake in shares of Nokia Corp. during the second quarter worth about $144,000. Stoneridge Investment Partners LLC raised its stake in shares of Nokia Corp. by 17.5% in the second quarter. Stoneridge Investment Partners LLC now owns 658,881 shares of the technology company’s stock worth $3,749,000 after buying an additional 98,194 shares during the period. Finally, World Asset Management Inc raised its stake in shares of Nokia Corp. by 8.3% in the second quarter. World Asset Management Inc now owns 358,217 shares of the technology company’s stock worth $2,038,000 after buying an additional 27,571 shares during the period. Institutional investors and hedge funds own 4.28% of the company’s stock.
About Nokia Corp.
Nokia Corporation is a global provider of network infrastructure and related services, with a focus on mobile broadband, as well as advanced technology development and licensing. The Company’s businesses include Nokia Networks and Nokia Technologies. The Company’s segments include Mobile Broadband, Global Services, Nokia Networks Other and Nokia Technologies.
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