Nokia (NYSE:NOK) Rating Increased to Hold at Argus

Argus upgraded shares of Nokia (NYSE:NOK) to a hold rating in a research note released on Wednesday,Zacks.com reports.

A number of other analysts have also commented on NOK. Northland Securities set a $7.50 price target on Nokia in a report on Friday, October 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Nokia in a research report on Wednesday, October 15th. Raymond James Financial restated an “outperform” rating on shares of Nokia in a research note on Thursday, October 23rd. New Street Research set a $6.57 price objective on Nokia in a research note on Thursday, November 20th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Nokia in a research report on Monday, December 22nd. Nine investment 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.01.

Nokia Trading Down 4.8%

Shares of NOK stock opened at $6.99 on Wednesday. Nokia has a 52-week low of $4.00 and a 52-week high of $8.19. The company has a 50-day simple moving average of $6.57 and a two-hundred day simple moving average of $5.71. 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 capitalization of $40.11 billion, a price-to-earnings ratio of 53.73, a PEG ratio of 2.67 and a beta of 0.81.

Hedge Funds Weigh In On Nokia

Several hedge funds have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership raised its stake in shares of 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 period. Thrivent Financial for Lutherans grew its holdings in Nokia by 35,010.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 12,655,143 shares of the technology company’s stock valued at $60,871,000 after buying an additional 12,619,099 shares in the last quarter. Pzena Investment Management LLC increased its position in shares of Nokia by 17.0% during the third quarter. Pzena Investment Management LLC now owns 80,329,917 shares of the technology company’s stock valued at $386,387,000 after buying an additional 11,667,677 shares during the period. ARGA Investment Management LP purchased a new stake in shares of Nokia in the fourth quarter worth about $49,523,000. Finally, Folketrygdfondet boosted its position in shares of Nokia by 66.6% in the third quarter. Folketrygdfondet now owns 17,380,530 shares of the technology company’s stock valued at $83,600,000 after acquiring an additional 6,950,487 shares during the period. 5.28% of the stock is currently owned by hedge funds and other institutional investors.

Nokia Company 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.