Pzena Investment Management LLC Sells 11,799,730 Shares of Nokia Corporation $NOK

Key Points

• Pzena Investment Management LLC has reduced its holdings in Nokia Corporation by 14.7%, selling 11,799,730 shares during the second quarter, leaving them with approximately 68.7 million shares still owned.
• Nokia's stock recently experienced a 3.0% increase, following earnings results that showed a revenue of $5.34 billion for the quarter, exceeding analyst estimates.
• Analyst ratings for Nokia have been mixed, with BNP Paribas upgrading the stock to "outperform" with a target price of $5.00, while other firms have issued different ratings and price targets.

Pzena Investment Management LLC lessened its holdings in shares of Nokia Corporation (NYSE:NOK - Free Report) by 14.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,662,240 shares of the technology company's stock after selling 11,799,730 shares during the period. Nokia makes up 1.2% of Pzena Investment Management LLC's portfolio, making the stock its 28th biggest position. Pzena Investment Management LLC owned approximately 1.28% of Nokia worth $355,670,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of NOK. Wealthquest Corp bought a new stake in Nokia in the 1st quarter valued at approximately $27,000. Harbour Investments Inc. lifted its stake in Nokia by 7,046.5% in the 1st quarter. Harbour Investments Inc. now owns 5,074 shares of the technology company's stock valued at $27,000 after acquiring an additional 5,003 shares in the last quarter. Farther Finance Advisors LLC lifted its stake 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 acquiring an additional 2,651 shares in the last quarter. Assetmark Inc. lifted its stake in Nokia by 763.7% in the 1st quarter. Assetmark Inc. now owns 8,240 shares of the technology company's stock valued at $43,000 after acquiring an additional 7,286 shares in the last quarter. Finally, Chicago Partners Investment Group LLC bought a new stake in Nokia in the 1st quarter valued at approximately $51,000. Institutional investors own 5.28% of the company's stock.

Nokia Stock Up 3.0%

NYSE:NOK opened at $5.34 on Monday. The company has a quick ratio of 1.21, a current ratio of 1.46 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $28.71 billion, a price-to-earnings ratio of 26.68 and a beta of 0.85. Nokia Corporation has a twelve month low of $3.91 and a twelve month high of $5.48. The stock's 50 day moving average price is $4.52 and its two-hundred day moving average price is $4.86.

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

Analyst Upgrades and Downgrades

Several research firms have commented on NOK. BNP Paribas Exane upgraded Nokia from a "neutral" rating to an "outperform" rating and set a $5.00 target price on the stock in a research note on Wednesday, September 3rd. BNP Paribas upgraded Nokia from a "hold" rating to an "outperform" rating and set a $5.00 target price on the stock in a research note on Wednesday, September 3rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nokia in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lowered their price target on Nokia from $6.50 to $6.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 29th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $5.52.

Nokia 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.

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