Pinnacle Wealth Management Group Inc. Lowers Stake in Nokia Corporation $NOK

Pinnacle Wealth Management Group Inc. decreased its position in Nokia Corporation (NYSE:NOK) by 35.7% during the second quarter, Holdings Channel reports. The firm owned 18,037 shares of the technology company’s stock after selling 10,000 shares during the quarter. Pinnacle Wealth Management Group Inc.’s holdings in Nokia were worth $93,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Acadian Asset Management LLC acquired a new stake in shares of Nokia during the first quarter worth about $45,207,000. Deutsche Bank AG increased its stake in Nokia by 129.4% during the 1st quarter. Deutsche Bank AG now owns 8,572,860 shares of the technology company’s stock worth $45,179,000 after buying an additional 4,835,005 shares during the period. Millennium Management LLC lifted its holdings in Nokia by 6,539.2% during the 1st quarter. Millennium Management LLC now owns 2,841,558 shares of the technology company’s stock worth $14,975,000 after buying an additional 2,798,758 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Nokia in the 2nd quarter valued at approximately $14,260,000. Finally, Caisse DE Depot ET Placement DU Quebec purchased a new position in Nokia in the 1st quarter valued at approximately $7,926,000. 5.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NOK. BNP Paribas Exane raised Nokia from a “neutral” rating to an “outperform” rating and set a $5.00 price objective on the stock in a research report on Wednesday, September 3rd. BNP Paribas upgraded Nokia from a “hold” rating to an “outperform” rating and set a $5.00 price target on the stock in a report on Wednesday, September 3rd. Wall Street Zen upgraded Nokia from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nokia in a report on Wednesday, October 8th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Nokia in a report on Thursday. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Nokia presently has a consensus rating of “Moderate Buy” and an average price target of $5.87.

Nokia Stock Performance

Shares of NOK opened at $6.30 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.46 and a debt-to-equity ratio of 0.12. Nokia Corporation has a 52-week low of $3.91 and a 52-week high of $6.34. The stock has a 50 day moving average price of $4.83 and a 200 day moving average price of $4.90. The company has a market capitalization of $33.87 billion, a price-to-earnings ratio of 34.97 and a beta of 0.85.

Nokia (NYSE:NOK) last issued its earnings results on Thursday, October 23rd. The technology company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. Nokia had a net margin of 4.65% and a return on equity of 8.31%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.06 EPS. Research analysts predict that Nokia Corporation will post 0.34 EPS for the current fiscal year.

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.