Pzena Investment Management LLC Has $509.94 Million Stock Position in Nokia Corporation $NOK

Pzena Investment Management LLC lowered its position in shares of Nokia Corporation (NYSE:NOK) by 31.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,425,518 shares of the technology company’s stock after selling 28,516,989 shares during the quarter. Nokia accounts for about 1.7% of Pzena Investment Management LLC’s holdings, making the stock its 23rd largest position. Pzena Investment Management LLC’s holdings in Nokia were worth $509,941,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership boosted its stake in Nokia by 9.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 47,321,058 shares of the technology company’s stock worth $306,167,000 after purchasing an additional 3,896,363 shares during the period. Alyeska Investment Group L.P. raised its stake in Nokia by 171.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company’s stock valued at $113,161,000 after purchasing an additional 11,035,002 shares during the period. Analog Century Management LP purchased a new stake in shares of Nokia in the fourth quarter valued at $104,244,000. Thrivent Financial for Lutherans boosted its position in shares of Nokia by 14.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 14,489,705 shares of the technology company’s stock worth $93,749,000 after buying an additional 1,834,562 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Nokia by 8.7% during the first quarter. Goldman Sachs Group Inc. now owns 12,550,274 shares of the technology company’s stock valued at $66,140,000 after buying an additional 1,002,033 shares in the last quarter. Hedge funds and other institutional investors own 5.28% of the company’s stock.

Nokia Stock Performance

NYSE:NOK opened at $12.91 on Thursday. The firm has a market capitalization of $74.13 billion, a PE ratio of 80.69, a PEG ratio of 2.58 and a beta of 1.17. Nokia Corporation has a 1 year low of $4.00 and a 1 year high of $17.45. The company has a current ratio of 1.57, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm’s fifty day simple moving average is $13.76 and its 200 day simple moving average is $9.72.

Nokia (NYSE:NOK) last released its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.06 earnings per share (EPS) for the quarter. The company had revenue of $5.21 billion during the quarter. Nokia had a net margin of 4.02% and a return on equity of 9.05%. On average, sell-side analysts anticipate that Nokia Corporation will post 0.4 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NOK. Barclays reissued an “underweight” rating on shares of Nokia in a research note on Wednesday, April 29th. Arete Research upgraded Nokia from a “neutral” rating to a “buy” rating in a report on Wednesday, April 29th. The Goldman Sachs Group upgraded shares of Nokia from a “sell” rating to a “neutral” rating in a report on Monday, March 30th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Nokia in a research note on Friday, May 15th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Nokia from $14.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Thirteen analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on 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.