Nokia (NYSE:NOK) Issues Quarterly Earnings Results

Key Points

• Nokia reported a profit of $0.07 EPS for the quarter, exceeding analysts' expectations of $0.06, and generated revenue of $5.61 billion, surpassing the forecast of $4.67 billion.
• The company's revenue increased by 11.6% year-over-year, and they achieved a return on equity of 8.36% with a net margin of 5.30%.
• Analyst ratings for Nokia show a majority with a Buy rating, with an average price target set at $5.87, indicating a positive outlook from several equities research analysts.

Nokia (NYSE:NOK - Get Free Report) issued its earnings results on Thursday. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.01, reports. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Nokia had a return on equity of 8.36% and a net margin of 5.30%.The company's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the company earned $0.06 EPS.

Nokia Trading Up 2.0%

Nokia stock traded up $0.13 during trading on Friday, hitting $6.30. The company had a trading volume of 66,878,664 shares, compared to its average volume of 23,576,170. The stock has a market cap of $33.87 billion, a price-to-earnings ratio of 31.48 and a beta of 0.85. 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 has a 1-year low of $3.91 and a 1-year high of $6.34. The company's 50 day simple moving average is $4.79 and its 200-day simple moving average is $4.89.

Analyst Ratings Changes

Several equities research analysts recently issued reports on NOK shares. Weiss Ratings restated a "hold (c)" rating on shares of Nokia in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Nokia in a research note on Wednesday, October 15th. Northland Securities set a $7.50 price target on shares of Nokia in a research report on Friday. BNP Paribas Exane upgraded Nokia from a "neutral" rating to an "outperform" rating and set a $5.00 price objective for the company in a research report on Wednesday, September 3rd. Finally, JPMorgan Chase & Co. lifted their target price on Nokia from $6.00 to $7.10 and gave the company an "overweight" rating in a research report on Friday. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $5.87.

Institutional Investors Weigh In On Nokia

Institutional investors have recently modified their holdings of the company. EP Wealth Advisors LLC acquired a new position in Nokia during the 2nd quarter worth about $54,000. Modern Wealth Management LLC purchased a new stake in Nokia during the second quarter worth about $74,000. EverSource Wealth Advisors LLC lifted its position in shares of Nokia by 26.2% during the second quarter. EverSource Wealth Advisors LLC now owns 15,783 shares of the technology company's stock worth $82,000 after purchasing an additional 3,276 shares in the last quarter. Legal & General Group Plc purchased a new position in shares of Nokia in the second quarter valued at approximately $159,000. Finally, Sivia Capital Partners LLC grew its holdings in shares of Nokia by 43.7% in the second quarter. Sivia Capital Partners LLC now owns 41,280 shares of the technology company's stock valued at $214,000 after purchasing an additional 12,554 shares in the last quarter. 5.28% of the stock is owned by institutional investors and hedge funds.

About Nokia

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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