Alliancebernstein L.P. trimmed its holdings in Nokia Corporation (NYSE:NOK) by 4.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,853,008 shares of the technology company’s stock after selling 962,640 shares during the quarter. Alliancebernstein L.P. owned about 1.29% of Nokia Corporation worth $122,295,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Marathon Capital Management acquired a new position in Nokia Corporation in the second quarter valued at approximately $225,000. Wells Fargo & Company MN boosted its holdings in Nokia Corporation by 12.0% in the second quarter. Wells Fargo & Company MN now owns 918,497 shares of the technology company’s stock valued at $5,657,000 after purchasing an additional 98,753 shares in the last quarter. CIBC World Markets Inc. boosted its holdings in Nokia Corporation by 26.7% in the second quarter. CIBC World Markets Inc. now owns 26,594 shares of the technology company’s stock valued at $164,000 after purchasing an additional 5,610 shares in the last quarter. AMG National Trust Bank boosted its holdings in Nokia Corporation by 5.1% in the second quarter. AMG National Trust Bank now owns 430,765 shares of the technology company’s stock valued at $2,654,000 after purchasing an additional 20,955 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Nokia Corporation by 4,241.3% in the second quarter. JPMorgan Chase & Co. now owns 2,223,920 shares of the technology company’s stock valued at $13,699,000 after purchasing an additional 2,172,693 shares in the last quarter. 5.86% of the stock is owned by hedge funds and other institutional investors.
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A number of equities analysts recently issued reports on NOK shares. Zacks Investment Research downgraded Nokia Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Societe Generale started coverage on Nokia Corporation in a report on Wednesday, June 14th. They issued a “buy” rating for the company. Credit Suisse Group reaffirmed a “neutral” rating on shares of Nokia Corporation in a report on Sunday, July 30th. Citigroup Inc. started coverage on Nokia Corporation in a report on Thursday, June 8th. They issued a “neutral” rating and a $6.00 price target for the company. Finally, BidaskClub downgraded Nokia Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $5.97.
Nokia Corporation (NOK) opened at 6.16 on Friday. The firm’s market cap is $34.82 billion. Nokia Corporation has a one year low of $4.04 and a one year high of $6.65. The company’s 50-day moving average price is $6.26 and its 200-day moving average price is $5.98.
Nokia Corporation (NYSE:NOK) last announced its quarterly earnings results on Thursday, July 27th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.05. The business had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $5.64 billion. Nokia Corporation had a positive return on equity of 8.20% and a negative net margin of 1.78%. The business’s revenue was up .8% on a year-over-year basis. During the same quarter last year, the business posted $0.03 EPS. On average, analysts anticipate that Nokia Corporation will post $0.30 EPS for the current year.
About Nokia Corporation
Nokia Oyj is a Finland-based company engaged in the network and Internet protocol (IP) infrastructure, software, and related services market. The Company’s businesses include Nokia Networks and Nokia Technologies. The Company’s segments include Ultra Broadband Networks, IP Networks and Applications, and Nokia Technologies.
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