Nokia Corporation $NOK Shares Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management cut its Nokia position by 99% in the third quarter, selling 4,962,701 shares and retaining 48,205 shares worth about $489,000.
• Analysts’ consensus rating is “Moderate Buy”, with a $13.41 average price target; 16 analysts rate the stock Buy, five Hold, and two Sell.
• Nokia beat quarterly estimates, reporting earnings of $0.10 per share versus $0.08 expected and revenue of $5.84 billion versus $5.72 billion expected. Revenue rose 9.7% year over year.

Pzena Investment Management LLC lowered its position in shares of Nokia Corporation (NYSE:NOK - Free Report) by 99.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,205 shares of the technology company's stock after selling 4,962,701 shares during the quarter. Pzena Investment Management LLC's holdings in Nokia were worth $489,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Provenance Wealth Advisors LLC acquired a new position in shares of Nokia in the 3rd quarter worth approximately $47,000. Gateway Wealth Partners LLC bought a new stake in shares of Nokia in the 1st quarter valued at approximately $81,000. Waverly Advisors LLC bought a new stake in shares of Nokia in the 1st quarter valued at approximately $82,000. Stephens Inc. AR bought a new stake in shares of Nokia in the 1st quarter valued at approximately $87,000. Finally, Jackson Thornton Wealth Management LLC acquired a new stake in shares of Nokia during the 1st quarter valued at approximately $95,000. Institutional investors and hedge funds own 5.28% of the company's stock.

Analysts Set New Price Targets

NOK has been the topic of several research analyst reports. Sanford C. Bernstein restated a "neutral" rating on shares of Nokia in a research note on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Nokia in a report on Monday, July 27th. Jefferies Financial Group reiterated a "buy" rating on shares of Nokia in a research note on Tuesday, September 29th. Rosenblatt Securities dropped their target price on shares of Nokia from $15.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, October 23rd. Finally, S&P Equity Research restated a "positive" rating on shares of Nokia in a research report on Thursday, July 30th. Sixteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.41.

Nokia Trading Down 9.7%

NYSE:NOK opened at $7.46 on Friday. The stock has a market cap of $42.81 billion, a price-to-earnings ratio of 18.36, a PEG ratio of 1.35 and a beta of 1.24. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.19 and a current ratio of 1.47. Nokia Corporation has a 1 year low of $5.86 and a 1 year high of $17.45. The business has a fifty day moving average of $9.80 and a 200-day moving average of $10.27.

Nokia (NYSE:NOK - Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The technology company reported $0.10 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.02. The business had revenue of $5.84 billion for the quarter, compared to analysts' expectations of $5.72 billion. Nokia had a net margin of 3.80% and a return on equity of 10.48%. The company's revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.06 earnings per share. Equities analysts predict that Nokia Corporation will post 0.39 earnings per share for the current year.

About Nokia

Nokia Oyj is a Finland-based technology company that provides communications networking equipment, software and related services to telecommunications operators, enterprises, governments and other organizations worldwide. Its offerings support fixed and mobile broadband, optical and IP networks, data centers, cloud environments and private wireless communications.

The company's business activities include mobile network infrastructure, network automation and management software, fiber and broadband access, optical networking, routing, data-center networking, and cloud and network services.

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