Miller Global Investments LLC Trims Position in Nokia Corporation $NOK

Key Points

• Miller Global Investments cut its Nokia position by 89.1% in the second quarter, selling 169,981 shares and retaining 20,725 shares valued at approximately $275,000.
• Other institutional investors increased their exposure, including Public Employees Retirement System of Ohio, which raised its Nokia stake by 1,177.9%; institutional investors collectively own 5.28% of the stock.
• Nokia’s latest quarterly earnings beat expectations with EPS of $0.08 versus $0.07 expected, while revenue rose 8.4% year over year to $5.50 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $12.57.

Miller Global Investments LLC decreased its position in Nokia Corporation (NYSE:NOK - Free Report) by 89.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,725 shares of the technology company's stock after selling 169,981 shares during the quarter. Miller Global Investments LLC's holdings in Nokia were worth $275,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Analog Century Management LP bought a new position in shares of Nokia in the 4th quarter valued at about $104,244,000. QRG Capital Management Inc. raised its position in Nokia by 34.6% during the 4th quarter. QRG Capital Management Inc. now owns 539,926 shares of the technology company's stock valued at $3,493,000 after purchasing an additional 138,935 shares in the last quarter. SummitTX Capital L.P. raised its holdings in shares of Nokia by 219.4% in the 1st quarter. SummitTX Capital L.P. now owns 245,559 shares of the technology company's stock valued at $1,974,000 after purchasing an additional 168,688 shares in the last quarter. Polar Asset Management Partners Inc. bought a new stake in Nokia during the 1st quarter valued at $9,634,000. Finally, Public Employees Retirement System of Ohio grew its stake in Nokia by 1,177.9% in the first quarter. Public Employees Retirement System of Ohio now owns 663,654 shares of the technology company's stock valued at $5,336,000 after purchasing an additional 611,721 shares during the last quarter. 5.28% of the stock is currently owned by institutional investors.

Nokia Trading Up 2.3%

Shares of NOK stock opened at $9.35 on Tuesday. Nokia Corporation has a fifty-two week low of $4.06 and a fifty-two week high of $17.45. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.22 and a current ratio of 1.50. The stock's fifty day moving average is $12.72 and its two-hundred day moving average is $10.39. The firm has a market capitalization of $53.69 billion, a P/E ratio of 66.79, a PEG ratio of 1.04 and a beta of 1.19.

Nokia (NYSE:NOK - Get Free Report) last released its earnings results on Thursday, July 23rd. The technology company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The business had revenue of $5.50 billion during the quarter, compared to analyst estimates of $5.57 billion. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.04 earnings per share. Research analysts expect that Nokia Corporation will post 0.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on NOK shares. Morgan Stanley reissued an "overweight" rating on shares of Nokia in a research report on Friday, May 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Nokia in a report on Friday, May 15th. Argus upgraded shares of Nokia from a "hold" rating to a "buy" rating and set a $15.00 price target on the stock in a report on Monday, April 27th. Barclays reissued an "underweight" rating on shares of Nokia in a report on Wednesday, April 29th. Finally, Wall Street Zen lowered Nokia from a "buy" rating to a "hold" rating in a research note on Sunday, May 3rd. Thirteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $12.57.

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.

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