Nokia Corporation $NOK Shares Sold by Azimuth Capital Investment Management LLC

Key Points

• Azimuth Capital Investment Management reduced its Nokia stake by 8.1% in the second quarter, selling 119,005 shares and retaining 1.36 million shares valued at approximately $18.0 million.
• Nokia reported quarterly earnings of $0.08 per share, beating estimates by $0.01, while revenue rose 8.4% year over year to $5.50 billion, slightly below forecasts.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $13.83 versus the reported share price of $10.05.

Azimuth Capital Investment Management LLC decreased its stake in shares of Nokia Corporation (NYSE:NOK - Free Report) by 8.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,356,215 shares of the technology company's stock after selling 119,005 shares during the period. Azimuth Capital Investment Management LLC's holdings in Nokia were worth $18,011,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Fifth Third Bancorp grew its holdings in shares of Nokia by 248.7% during the fourth quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company's stock valued at $25,000 after purchasing an additional 2,721 shares during the last quarter. Smithfield Trust Co bought a new stake in Nokia in the fourth quarter valued at $35,000. Wexford Capital LP bought a new position in shares of Nokia during the third quarter worth about $29,000. CIBC Private Wealth Group LLC increased its holdings in shares of Nokia by 86.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,994 shares of the technology company's stock worth $39,000 after acquiring an additional 2,773 shares during the period. Finally, Barclays PLC bought a new stake in Nokia in the 4th quarter valued at about $40,000. 5.28% of the stock is currently owned by institutional investors and hedge funds.

Nokia Trading Up 2.9%

Shares of NYSE NOK opened at $10.05 on Friday. Nokia Corporation has a 12 month low of $4.48 and a 12 month high of $17.45. The company has a market cap of $57.71 billion, a price-to-earnings ratio of 71.79, a P/E/G ratio of 1.18 and a beta of 1.21. The company has a quick ratio of 1.22, a current ratio of 1.50 and a debt-to-equity ratio of 0.09. The business has a fifty day simple moving average of $10.51 and a 200-day simple moving average of $10.92.

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 the consensus estimate of $0.07 by $0.01. The business had revenue of $5.50 billion during the quarter, compared to the consensus estimate of $5.57 billion. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The firm's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.04 EPS. Sell-side analysts predict that Nokia Corporation will post 0.39 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on NOK shares. Morgan Stanley restated an "overweight" rating on shares of Nokia in a research report on Friday, May 22nd. Danske upgraded Nokia from a "hold" rating to a "buy" rating in a research report on Wednesday, July 1st. Weiss Ratings restated a "hold (c)" rating on shares of Nokia in a research report on Tuesday, June 9th. JPMorgan Chase & Co. lifted their target price on Nokia from $14.00 to $21.00 and gave the company an "overweight" rating in a research note on Friday, June 12th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Nokia in a research note on Friday, May 15th. Twelve investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $13.83.

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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