Nokia (NYSE:NOK) Upgraded to “Hold” at Argus

Nokia (NYSE:NOK) was upgraded by analysts at Argus to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

Several other equities research analysts have also issued reports on the stock. Santander raised shares of Nokia from a “neutral” rating to an “outperform” rating in a report on Monday, February 2nd. New Street Research set a $6.57 price objective on Nokia in a research note on Thursday, November 20th. Northland Securities set a $7.50 target price on Nokia in a report on Friday, October 24th. Citigroup restated a “sell” rating on shares of Nokia in a report on Friday, January 23rd. Finally, Kepler Capital Markets raised shares of Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, January 7th. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.01.

Nokia Price Performance

NYSE:NOK opened at $6.99 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.58. Nokia has a 52 week low of $4.00 and a 52 week high of $8.19. The firm’s 50-day simple moving average is $6.57 and its 200 day simple moving average is $5.71. The firm has a market cap of $40.11 billion, a price-to-earnings ratio of 53.73, a P/E/G ratio of 2.67 and a beta of 0.81.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Artisan Partners Limited Partnership lifted its stake in shares of Nokia by 1.8% in the second quarter. Artisan Partners Limited Partnership now owns 108,136,988 shares of the technology company’s stock valued at $560,150,000 after buying an additional 1,957,524 shares in the last quarter. Pzena Investment Management LLC lifted its position in Nokia by 14.5% in the 4th quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company’s stock valued at $594,868,000 after acquiring an additional 11,612,590 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Nokia by 50.0% during 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. Folketrygdfondet increased its holdings in Nokia by 66.6% during the 3rd quarter. Folketrygdfondet now owns 17,380,530 shares of the technology company’s stock worth $83,600,000 after purchasing an additional 6,950,487 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in Nokia by 14.5% during the 4th quarter. Thrivent Financial for Lutherans now owns 14,489,705 shares of the technology company’s stock worth $93,749,000 after purchasing an additional 1,834,562 shares in the last quarter. Institutional investors and hedge funds own 5.28% of the company’s stock.

About Nokia

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.