Wellington Management Group LLP Lowers Position in Nokia Corporation $NOK

Key Points

• Wellington Management reduced its Nokia position by 27.3% in the second quarter, selling 639,201 shares and retaining 1.70 million shares valued at approximately $22.6 million.
• Other institutional investors, including Arrowstreet, ARGA, Pzena and Alyeska, increased their Nokia holdings; institutional investors collectively own 5.28% of the company.
• Nokia’s latest quarterly results exceeded EPS expectations, while revenue rose 8.4% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $13.83.

Wellington Management Group LLP trimmed its holdings in shares of Nokia Corporation (NYSE:NOK - Free Report) by 27.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,703,411 shares of the technology company's stock after selling 639,201 shares during the quarter. Wellington Management Group LLP's holdings in Nokia were worth $22,621,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Analog Century Management LP purchased a new stake in Nokia in the fourth quarter valued at approximately $104,244,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Nokia by 50.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 43,424,695 shares of the technology company's stock worth $208,873,000 after buying an additional 14,482,665 shares during the last quarter. ARGA Investment Management LP raised its position in shares of Nokia by 166.4% during the 1st quarter. ARGA Investment Management LP now owns 20,388,202 shares of the technology company's stock valued at $163,921,000 after buying an additional 12,734,021 shares in the last quarter. Pzena Investment Management LLC raised its position in shares of Nokia by 14.5% during the 4th quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company's stock valued at $594,868,000 after buying an additional 11,612,590 shares in the last quarter. Finally, Alyeska Investment Group L.P. lifted its holdings in shares of Nokia by 171.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company's stock worth $113,161,000 after acquiring an additional 11,035,002 shares during the last quarter. Institutional investors own 5.28% of the company's stock.

Nokia Trading Up 2.9%

Shares of NOK opened at $10.05 on Friday. The firm's 50-day moving average price is $10.51 and its 200-day moving average price is $10.92. The firm has a market capitalization of $57.71 billion, a price-to-earnings ratio of 71.79, a PEG ratio of 1.18 and a beta of 1.21. The company has a current ratio of 1.50, a quick ratio of 1.22 and a debt-to-equity ratio of 0.09. Nokia Corporation has a 1-year low of $4.48 and a 1-year high of $17.45.

Nokia (NYSE:NOK - Get Free Report) last released its quarterly 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. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The company had revenue of $5.50 billion during the quarter, compared to the consensus estimate of $5.57 billion. During the same period in the prior year, the firm earned $0.04 earnings per share. Nokia's revenue was up 8.4% on a year-over-year basis. Sell-side analysts anticipate that Nokia Corporation will post 0.39 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on NOK. JPMorgan Chase & Co. raised their price target on Nokia from $14.00 to $21.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Morgan Stanley restated an "overweight" rating on shares of Nokia in a research report on Friday, May 22nd. Northland Securities set a $20.00 price target on shares of Nokia in a research report on Wednesday, June 3rd. Danske upgraded Nokia from a "hold" rating to a "buy" rating in a report on Wednesday, July 1st. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Nokia in a report on Tuesday, June 9th. Twelve equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have 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 $13.83.

Nokia 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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