Royal Bank of Canada Sells 185,876 Shares of Nokia Corporation $NOK

Royal Bank of Canada lowered its position in Nokia Corporation (NYSE:NOK) by 57.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 136,679 shares of the technology company’s stock after selling 185,876 shares during the quarter. Royal Bank of Canada’s holdings in Nokia were worth $1,099,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Analog Century Management LP acquired a new position in shares of Nokia during the 4th quarter worth about $104,244,000. Arrowstreet Capital Limited Partnership lifted its stake in Nokia by 50.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 43,424,695 shares of the technology company’s stock valued at $208,873,000 after purchasing an additional 14,482,665 shares during the last quarter. ARGA Investment Management LP lifted its stake in Nokia by 166.4% in the 1st quarter. ARGA Investment Management LP now owns 20,388,202 shares of the technology company’s stock valued at $163,921,000 after purchasing an additional 12,734,021 shares during the last quarter. Pzena Investment Management LLC grew its holdings in Nokia by 14.5% during the fourth quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company’s stock worth $594,868,000 after purchasing an additional 11,612,590 shares during the period. Finally, Alyeska Investment Group L.P. increased its position in Nokia by 171.0% during the fourth quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company’s stock worth $113,161,000 after buying an additional 11,035,002 shares during the last quarter. Institutional investors own 5.28% of the company’s stock.

Nokia Trading Up 0.6%

NOK stock opened at $10.21 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.22 and a current ratio of 1.50. The company’s 50-day simple moving average is $11.26 and its 200 day simple moving average is $10.70. Nokia Corporation has a 52 week low of $4.23 and a 52 week high of $17.45. The company has a market capitalization of $58.63 billion, a PE ratio of 72.93, a price-to-earnings-growth ratio of 1.20 and a beta of 1.19.

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on NOK. Nordea Equity Research upgraded Nokia from a “hold” rating to a “buy” rating in a research note on Friday, April 24th. Morgan Stanley reiterated an “overweight” rating on shares of Nokia in a research note on Friday, May 22nd. Argus upgraded Nokia from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Monday, April 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nokia in a report on Tuesday, June 9th. Finally, Northland Securities set a $20.00 price objective on shares of Nokia in a research report on Wednesday, June 3rd. Thirteen 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. According to data from MarketBeat, Nokia currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.57.

Nokia 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.