Raymond James Financial Inc. Grows Position in Nokia Corporation $NOK

Key Points

• Raymond James Financial Inc. increased its stake in Nokia Corporation by 18.2%, acquiring an additional 121,856 shares to reach a total of 790,319 shares worth approximately $4.165 million.
• Nokia reported a quarterly earnings miss, with earnings per share of $0.05, which was below analysts' expectations of $0.07, while revenue grew by 1.8% year-over-year to $5.34 billion.
• Recent analyst ratings shows increased confidence in Nokia, with firms like BNP Paribas upgrading shares from "hold" to "outperform" and setting a price target of $5.00.

Raymond James Financial Inc. boosted its position in Nokia Corporation (NYSE:NOK - Free Report) by 18.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 790,319 shares of the technology company's stock after acquiring an additional 121,856 shares during the period. Raymond James Financial Inc.'s holdings in Nokia were worth $4,165,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Harbour Investments Inc. grew its stake in Nokia by 7,046.5% during the first 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. Wealthquest Corp purchased a new position in shares of Nokia during the 1st quarter valued at $27,000. Farther Finance Advisors LLC increased its holdings in shares of Nokia by 58.4% in the first quarter. Farther Finance Advisors LLC now owns 7,191 shares of the technology company's stock worth $38,000 after purchasing an additional 2,651 shares during the period. Assetmark Inc. increased its holdings in shares of Nokia by 763.7% in the first quarter. Assetmark Inc. now owns 8,240 shares of the technology company's stock worth $43,000 after purchasing an additional 7,286 shares during the period. Finally, Chicago Partners Investment Group LLC purchased a new stake in shares of Nokia in the first quarter worth $51,000. 5.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NOK has been the topic of a number of research analyst reports. 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 shares of Nokia from a "hold" rating to an "outperform" rating and set a $5.00 price objective on the stock in a research report on Wednesday, September 3rd. JPMorgan Chase & Co. decreased their price objective on shares of Nokia from $6.50 to $6.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 29th. Finally, Wall Street Zen upgraded shares of Nokia from a "hold" rating to a "buy" rating in a research report on Wednesday, May 21st. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $5.52.

Nokia Price Performance

Shares of NOK stock traded up $0.04 during trading hours on Monday, hitting $4.59. 30,458,316 shares of the company's stock were exchanged, compared to its average volume of 18,388,762. The company has a market capitalization of $24.67 billion, a PE ratio of 22.93 and a beta of 0.90. Nokia Corporation has a 12-month low of $3.91 and a 12-month high of $5.48. The business's 50 day simple moving average is $4.48 and its 200-day simple moving average is $4.92. The company has a current ratio of 1.46, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12.

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

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.