ABC Arbitrage SA Acquires Shares of 479,642 Nokia Corporation (NYSE:NOK)

Key Points

• ABC Arbitrage SA has acquired 479,642 shares of Nokia Corporation, valued at approximately $2,528,000, indicating institutional investment interest in the company.
• Nokia's earnings report showed an EPS of $0.05, missing the consensus estimate by $0.02, but revenue grew to $5.34 billion, surpassing expectations.
• Despite a recent downgrade in target price by JPMorgan Chase, analysts maintain a consensus rating of "Moderate Buy" for Nokia stocks with a target price of $5.78.

ABC Arbitrage SA acquired a new stake in Nokia Corporation (NYSE:NOK - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 479,642 shares of the technology company's stock, valued at approximately $2,528,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOK. TCW Group Inc. bought a new stake in shares of Nokia during the 1st quarter worth $425,000. GSA Capital Partners LLP bought a new position in shares of Nokia in the first quarter worth about $641,000. Diversify Wealth Management LLC acquired a new stake in Nokia in the 1st quarter valued at approximately $910,000. Penserra Capital Management LLC lifted its holdings in shares of Nokia by 41.0% during the first quarter. Penserra Capital Management LLC now owns 3,707,857 shares of the technology company's stock worth $19,540,000 after buying an additional 1,078,476 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Nokia in the fourth quarter worth $2,961,000. 5.28% of the stock is currently owned by institutional investors and hedge funds.

Nokia Price Performance

NYSE:NOK traded down $0.03 during mid-day trading on Thursday, hitting $4.10. The company's stock had a trading volume of 17,401,331 shares, compared to its average volume of 25,250,848. The company has a market capitalization of $22.03 billion, a price-to-earnings ratio of 20.48 and a beta of 0.88. The company has a current ratio of 1.46, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. Nokia Corporation has a fifty-two week low of $3.76 and a fifty-two week high of $5.48. The stock has a fifty day moving average of $4.91 and a 200-day moving average of $4.99.

Nokia (NYSE:NOK - Get Free Report) last issued its earnings results on Thursday, July 24th. The technology company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.02). Nokia had a return on equity of 8.36% and a net margin of 5.30%. The company had revenue of $5.34 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period in the previous year, the company posted $0.06 earnings per share. The company's quarterly revenue was up 1.8% on a year-over-year basis. As a group, equities analysts forecast that Nokia Corporation will post 0.34 EPS for the current fiscal year.

Nokia Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Tuesday, August 12th. Stockholders of record on Wednesday, July 30th will be issued a dividend of $0.0317 per share. The ex-dividend date of this dividend is Tuesday, July 29th. This represents a dividend yield of 293.0%. Nokia's dividend payout ratio (DPR) is presently 65.00%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Nokia from $6.50 to $6.00 and set an "overweight" rating for the company in a report on Tuesday, July 29th. Wall Street Zen raised Nokia from a "hold" rating to a "buy" rating in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $5.78.

Nokia Company Profile

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.