Bastion Asset Management Inc. Acquires New Stake in Nokia Corporation (NYSE:NOK)

Key Points

• Bastion Asset Management Inc. acquired a new stake in Nokia Corporation by purchasing 477,009 shares, valued at approximately $2.5 million, during the first quarter.
• Nokia reported earnings per share (EPS) of $0.05 for the last quarter, missing the consensus estimate of $0.07, but its revenue was $5.34 billion, exceeding expectations.
• The company has increased its quarterly dividend to $0.0336 per share, up from the previous $0.02, resulting in a yield of 3.10% for shareholders.

Bastion Asset Management Inc. bought a new stake in Nokia Corporation (NYSE:NOK - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 477,009 shares of the technology company's stock, valued at approximately $2,532,000.

Other institutional investors also recently modified their holdings of the company. Wealthquest Corp bought a new stake in Nokia during the first quarter valued at $27,000. Farther Finance Advisors LLC raised its position in Nokia by 58.4% in the 1st quarter. Farther Finance Advisors LLC now owns 7,191 shares of the technology company's stock valued at $38,000 after buying an additional 2,651 shares during the last quarter. Assetmark Inc. boosted its holdings in Nokia by 763.7% during the 1st quarter. Assetmark Inc. now owns 8,240 shares of the technology company's stock worth $43,000 after acquiring an additional 7,286 shares during the last quarter. Formidable Asset Management LLC purchased a new stake in shares of Nokia in the fourth quarter valued at about $49,000. Finally, Xponance Inc. bought a new stake in Nokia in the 1st quarter worth about $53,000. 5.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Nokia from a "hold" rating to a "buy" rating in a research note on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $5.85.

Nokia Price Performance

Shares of Nokia stock traded down $0.06 on Monday, hitting $4.27. 15,930,400 shares of the company traded hands, compared to its average volume of 23,202,234. 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 firm's 50-day simple moving average is $5.12 and its 200 day simple moving average is $5.02. Nokia Corporation has a 12-month low of $3.70 and a 12-month high of $5.48. The company has a market cap of $22.98 billion, a P/E ratio of 21.35 and a beta of 0.91.

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

Nokia Cuts Dividend

The company also recently declared a dividend, which will be paid on Tuesday, August 12th. Investors of record on Wednesday, July 30th will be paid a $0.0317 dividend. The ex-dividend date is Tuesday, July 29th. This represents a yield of 2.93%. Nokia's payout ratio is 60.00%.

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.