Bank of New York Mellon Corp Trims Position in Nokia Corporation $NOK

Bank of New York Mellon Corp lessened its stake in shares of Nokia Corporation (NYSE:NOK) by 5.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,374,702 shares of the technology company’s stock after selling 150,212 shares during the period. Bank of New York Mellon Corp’s holdings in Nokia were worth $12,301,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its position in Nokia by 17.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 267,219 shares of the technology company’s stock valued at $1,408,000 after purchasing an additional 39,441 shares in the last quarter. Cerity Partners LLC raised its holdings in shares of Nokia by 128.9% in the first quarter. Cerity Partners LLC now owns 284,784 shares of the technology company’s stock valued at $1,501,000 after acquiring an additional 160,386 shares in the last quarter. New York State Common Retirement Fund purchased a new stake in Nokia in the first quarter worth about $2,721,000. Diversify Advisory Services LLC purchased a new stake in Nokia in the first quarter worth about $274,000. Finally, Private Advisor Group LLC increased its position in Nokia by 30.7% during the 1st quarter. Private Advisor Group LLC now owns 59,473 shares of the technology company’s stock valued at $313,000 after purchasing an additional 13,953 shares during the period. Institutional investors own 5.28% of the company’s stock.

Nokia Stock Performance

Shares of NOK stock opened at $6.65 on Wednesday. Nokia Corporation has a 12-month low of $3.91 and a 12-month high of $8.19. The business’s fifty day simple moving average is $5.71 and its 200-day simple moving average is $5.13. The company has a current ratio of 1.46, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The company has a market cap of $35.76 billion, a PE ratio of 36.92 and a beta of 0.84.

Nokia (NYSE:NOK) last posted its quarterly earnings data on Thursday, October 23rd. The technology company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. Nokia had a return on equity of 8.31% and a net margin of 4.65%.The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter last year, the firm earned $0.06 EPS. The business’s quarterly revenue was up 11.6% on a year-over-year basis. Analysts expect that Nokia Corporation will post 0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NOK shares. JPMorgan Chase & Co. upped their price target on shares of Nokia from $6.00 to $7.10 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Wall Street Zen downgraded shares of Nokia from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Jefferies Financial Group raised Nokia from a “hold” rating to a “buy” rating in a research report on Tuesday, October 28th. UBS Group reissued a “neutral” rating on shares of Nokia in a research report on Tuesday, October 28th. Finally, BNP Paribas upgraded Nokia from a “hold” rating to an “outperform” rating and set a $5.00 price objective for the company in a research note on Wednesday, September 3rd. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $5.87.

About Nokia

Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. The company provides fixed networking solutions, such as fiber and copper-based access infrastructure, in-home Wi-Fi solutions, and cloud and virtualization services; IP networking solutions, including IP access, aggregation, and edge and core routing for residential, mobile, enterprise and cloud applications; optical networks solutions that provides optical transport networks for metro, regional, and long-haul applications, and subsea applications; and submarine networks for undersea cable transmission.