Nokia (NYSE:NOK) Trading 8.4% Higher – Here’s What Happened

Nokia Corporation (NYSE:NOK) shares traded up 8.4% during mid-day trading on Monday . The stock traded as high as $14.05 and last traded at $13.8990. 142,274,702 shares were traded during trading, an increase of 117% from the average session volume of 65,505,594 shares. The stock had previously closed at $12.82.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Danske downgraded shares of Nokia from a “buy” rating to a “hold” rating in a report on Tuesday, February 24th. The Goldman Sachs Group upgraded shares of Nokia from a “sell” rating to a “neutral” rating in a report on Monday, March 30th. Morgan Stanley reiterated an “overweight” rating on shares of Nokia in a report on Tuesday, April 28th. Citigroup reiterated a “sell” rating on shares of Nokia in a report on Friday, January 23rd. Finally, Wall Street Zen downgraded shares of Nokia from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Twelve research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.71.

Nokia Trading Up 8.4%

The company’s fifty day moving average is $9.26 and its two-hundred day moving average is $7.54. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.58. The company has a market cap of $79.81 billion, a price-to-earnings ratio of 86.87, a P/E/G ratio of 2.48 and a beta of 1.12.

Nokia (NYSE:NOK) last issued its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.06 earnings per share for the quarter. The company had revenue of $5.21 billion for the quarter. Nokia had a net margin of 4.02% and a return on equity of 9.22%. On average, research analysts anticipate that Nokia Corporation will post 0.4 EPS for the current year.

Nokia Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 12th. Stockholders of record on Tuesday, April 28th will be paid a dividend of $0.0468 per share. This represents a $0.19 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, April 28th. This is a positive change from Nokia’s previous quarterly dividend of $0.04. Nokia’s dividend payout ratio is 75.00%.

Institutional Investors Weigh In On Nokia

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp grew its stake in shares of Nokia by 248.7% during the 4th quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock worth $25,000 after purchasing an additional 2,721 shares during the period. FNY Investment Advisers LLC lifted its position in shares of Nokia by 33,457.1% during the 4th quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock valued at $30,000 after buying an additional 4,684 shares in the last quarter. Dorato Capital Management purchased a new position in shares of Nokia during the 4th quarter valued at approximately $31,000. Smithfield Trust Co purchased a new position in shares of Nokia during the 4th quarter valued at approximately $35,000. Finally, Wexford Capital LP purchased a new position in shares of Nokia during the 3rd quarter valued at approximately $29,000. 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.