Bank of New York Mellon Corp Has $13.96 Million Holdings in Nokia Corporation $NOK

Key Points

• Bank of New York Mellon cut its Nokia holdings by 43.4% in the first quarter, selling 1.33 million shares and retaining 1.74 million shares valued at $13.96 million. Institutional investors and hedge funds collectively own 5.28% of Nokia.
• Nokia reported quarterly earnings of $0.08 per share, exceeding analyst expectations of $0.07, while revenue rose 8.4% year over year to $5.50 billion but came in below estimates.
• Analyst sentiment remains broadly positive, with 13 Buy, three Hold, and two Sell ratings; the stock carries a consensus “Moderate Buy” rating and a $12.57 price target.

Bank of New York Mellon Corp lessened its holdings in Nokia Corporation (NYSE:NOK - Free Report) by 43.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,735,935 shares of the technology company's stock after selling 1,331,925 shares during the quarter. Bank of New York Mellon Corp's holdings in Nokia were worth $13,957,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Fifth Third Bancorp boosted its stake in Nokia by 248.7% in the 4th quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company's stock valued at $25,000 after buying an additional 2,721 shares in the last quarter. FNY Investment Advisers LLC boosted its stake in shares of Nokia by 33,457.1% in the 4th quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company's stock valued at $30,000 after purchasing an additional 4,684 shares in the last quarter. Dorato Capital Management bought a new stake in shares of Nokia in the 4th quarter worth about $31,000. Smithfield Trust Co acquired a new stake in shares of Nokia during the 4th quarter worth about $35,000. Finally, Wexford Capital LP bought a new position in shares of Nokia in the third quarter valued at approximately $29,000. 5.28% of the stock is owned by institutional investors and hedge funds.

Nokia Stock Up 7.9%

Nokia stock opened at $9.07 on Friday. The company has a 50 day moving average of $12.97 and a 200-day moving average of $10.36. The company has a quick ratio of 1.22, a current ratio of 1.50 and a debt-to-equity ratio of 0.09. Nokia Corporation has a twelve month low of $4.00 and a twelve month high of $17.45. The stock has a market capitalization of $52.11 billion, a PE ratio of 64.82, a price-to-earnings-growth ratio of 0.96 and a beta of 1.17.

Nokia (NYSE:NOK - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The technology company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. Nokia had a return on equity of 9.83% and a net margin of 3.49%.The company had revenue of $5.50 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same period in the previous year, the company posted $0.04 earnings per share. The company's quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities research analysts anticipate that Nokia Corporation will post 0.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Wall Street Zen lowered Nokia from a "buy" rating to a "hold" rating in a research report on Sunday, May 3rd. Northland Securities set a $20.00 target price on Nokia in a research note on Wednesday, June 3rd. Nordea Equity Research raised Nokia from a "hold" rating to a "buy" rating in a report on Friday, April 24th. Bank of America upgraded shares of Nokia from a "neutral" rating to a "buy" rating and set a $12.40 price target on the stock in a research report on Monday, April 13th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Nokia in a research report on Friday, May 15th. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average 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.

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