PNC Financial Services Group Inc. Has $615,000 Position in Nokia Corporation $NOK

PNC Financial Services Group Inc. grew its stake in shares of Nokia Corporation (NYSE:NOK) by 18.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 118,806 shares of the technology company’s stock after acquiring an additional 18,081 shares during the period. PNC Financial Services Group Inc.’s holdings in Nokia were worth $615,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Harbour Investments Inc. boosted its position in Nokia by 7,046.5% during the first quarter. Harbour Investments Inc. now owns 5,074 shares of the technology company’s stock valued at $27,000 after purchasing an additional 5,003 shares during the last quarter. Wealthquest Corp purchased a new stake in shares of Nokia during the 1st quarter worth about $27,000. FNY Investment Advisers LLC acquired a new stake in shares of Nokia during the 2nd quarter valued at about $34,000. Assetmark Inc. grew its stake in shares of Nokia by 763.7% in the 1st quarter. Assetmark Inc. now owns 8,240 shares of the technology company’s stock valued at $43,000 after buying an additional 7,286 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in Nokia by 677.1% in the second quarter. First Horizon Advisors Inc. now owns 8,486 shares of the technology company’s stock worth $44,000 after buying an additional 7,394 shares during the last quarter. 5.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NOK has been the subject of a number of analyst reports. Jefferies Financial Group upgraded shares of Nokia from a “hold” rating to a “buy” rating in a research note on Tuesday, October 28th. BNP Paribas Exane upgraded shares of Nokia from a “neutral” rating to an “outperform” rating and set a $5.00 price target on the stock in a report on Wednesday, September 3rd. JPMorgan Chase & Co. lifted their price objective on shares of Nokia from $6.00 to $7.10 and gave the company an “overweight” rating in a research note on Friday, October 24th. BNP Paribas raised shares of Nokia from a “hold” rating to an “outperform” rating and set a $5.00 target price on the stock in a research report on Wednesday, September 3rd. Finally, Northland Securities set a $7.50 target price on Nokia in a report on Friday, October 24th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $5.97.

Nokia Price Performance

NYSE NOK opened at $5.94 on Friday. Nokia Corporation has a 1 year low of $4.00 and a 1 year high of $8.19. The company has a fifty day simple moving average of $5.79 and a 200 day simple moving average of $5.15. 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 $31.96 billion, a P/E ratio of 33.00 and a beta of 0.84.

Nokia (NYSE:NOK) last announced its earnings results on Thursday, October 23rd. The technology company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.06 by $0.01. Nokia had a net margin of 4.65% and a return on equity of 8.31%. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter last year, the firm posted $0.06 EPS. The business’s quarterly revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts predict that Nokia Corporation will post 0.34 EPS for the current year.

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.