Irenic Capital Management LP Invests $22.97 Million in Nokia Corporation $NOK

Irenic Capital Management LP acquired a new stake in shares of Nokia Corporation (NYSE:NOK) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,730,000 shares of the technology company’s stock, valued at approximately $22,974,000. Nokia accounts for 1.1% of Irenic Capital Management LP’s investment portfolio, making the stock its 21st largest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fifth Third Bancorp increased its holdings in Nokia by 248.7% in the 4th quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock valued at $25,000 after buying an additional 2,721 shares during the period. Wexford Capital LP bought a new position in shares of Nokia during the 3rd quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Nokia during the 3rd quarter valued at about $34,000. Smithfield Trust Co bought a new stake in Nokia in the fourth quarter valued at about $35,000. Finally, CIBC Private Wealth Group LLC lifted its stake in Nokia by 86.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 5,994 shares of the technology company’s stock worth $39,000 after purchasing an additional 2,773 shares during the period. 5.28% of the stock is owned by institutional investors.

Nokia Stock Performance

Shares of NYSE:NOK opened at $10.05 on Friday. The company has a current ratio of 1.50, a quick ratio of 1.22 and a debt-to-equity ratio of 0.09. Nokia Corporation has a 1-year low of $4.48 and a 1-year high of $17.45. The stock has a market capitalization of $57.71 billion, a P/E ratio of 71.79, a P/E/G ratio of 1.18 and a beta of 1.21. The business has a 50-day moving average price of $10.51 and a two-hundred day moving average price of $10.92.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NOK. Morgan Stanley reissued an “overweight” rating on shares of Nokia in a report on Friday, May 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nokia in a research note on Tuesday, June 9th. JPMorgan Chase & Co. increased their price objective on Nokia from $14.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Northland Securities set a $20.00 price objective on Nokia in a report on Wednesday, June 3rd. Finally, Danske upgraded shares of Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, July 1st. Twelve investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $13.83.

Nokia Company 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.