Westchester Capital Management LLC Buys New Shares in Nokia Corporation $NOK

Key Points

• Westchester Capital Management LLC acquired a new stake in Nokia Corporation, purchasing 265,118 shares valued at approximately $1,397,000 during the 1st quarter.
• Research firms are reacting positively to Nokia, with Wall Street Zen upgrading its rating from "hold" to "buy," while the company holds a consensus rating of "Moderate Buy" and a target price of $5.78.
• Nokia recently declared a dividend of $0.0317 per share, but the company’s payout ratio stands at 60.00%, indicating a significant commitment to returning value to its shareholders.

Westchester Capital Management LLC purchased a new stake in Nokia Corporation (NYSE:NOK - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 265,118 shares of the technology company's stock, valued at approximately $1,397,000.

A number of other large investors also recently made changes to their positions in NOK. Raymond James Financial Inc. acquired a new position in shares of Nokia in the 4th quarter valued at $2,961,000. Barclays PLC lifted its stake in shares of Nokia by 38.4% in the 4th quarter. Barclays PLC now owns 104,726 shares of the technology company's stock valued at $464,000 after purchasing an additional 29,075 shares during the period. Mariner LLC lifted its stake in shares of Nokia by 11.3% in the 4th quarter. Mariner LLC now owns 190,814 shares of the technology company's stock valued at $845,000 after purchasing an additional 19,349 shares during the period. First Trust Advisors LP lifted its stake in shares of Nokia by 1.5% in the 4th quarter. First Trust Advisors LP now owns 3,158,420 shares of the technology company's stock valued at $13,992,000 after purchasing an additional 45,553 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Nokia by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,384,925 shares of the technology company's stock valued at $37,145,000 after purchasing an additional 57,615 shares during the period. Institutional investors and hedge funds own 5.28% of the company's stock.

Nokia Stock Up 0.1%

Shares of NOK traded up $0.01 during midday trading on Friday, hitting $4.30. The stock had a trading volume of 14,764,453 shares, compared to its average volume of 16,565,038. The company has a 50 day simple moving average of $4.57 and a two-hundred day simple moving average of $4.94. Nokia Corporation has a twelve month low of $3.91 and a twelve month high of $5.48. The firm has a market cap of $23.11 billion, a price-to-earnings ratio of 21.48 and a beta of 0.88. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.46 and a quick ratio of 1.21.

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on NOK shares. JPMorgan Chase & Co. dropped their price objective on Nokia from $6.50 to $6.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 29th. Wall Street Zen raised Nokia from a "hold" rating to a "buy" rating in a research note on Wednesday, May 21st. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $5.78.

Nokia Company 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.