Waterfront Wealth Inc. Cuts Stock Position in Nokia Corporation $NOK

Waterfront Wealth Inc. lessened its holdings in Nokia Corporation (NYSE:NOK) by 12.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 673,350 shares of the technology company’s stock after selling 95,475 shares during the period. Waterfront Wealth Inc.’s holdings in Nokia were worth $3,488,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Harbour Investments Inc. grew its holdings in Nokia by 7,046.5% during the 1st quarter. Harbour Investments Inc. now owns 5,074 shares of the technology company’s stock valued at $27,000 after purchasing an additional 5,003 shares in the last quarter. Wealthquest Corp acquired a new stake in Nokia during the 1st quarter valued at $27,000. FNY Investment Advisers LLC acquired a new stake in Nokia during the 2nd quarter valued at $34,000. Assetmark Inc. grew its holdings in Nokia by 763.7% during the 1st quarter. Assetmark Inc. now owns 8,240 shares of the technology company’s stock valued at $43,000 after purchasing an additional 7,286 shares in the last quarter. Finally, Eagle Strategies LLC acquired a new stake in Nokia during the 2nd quarter valued at $52,000. Hedge funds and other institutional investors own 5.28% of the company’s stock.

Nokia Price Performance

Shares of NOK stock opened at $7.78 on Wednesday. The firm has a market cap of $41.84 billion, a P/E ratio of 43.20 and a beta of 0.85. 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 Corporation has a 1-year low of $3.91 and a 1-year high of $8.19. The firm has a fifty day moving average of $4.95 and a two-hundred day moving average of $4.94.

Nokia (NYSE:NOK) last announced its quarterly earnings data on Thursday, October 23rd. The technology company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. Nokia had a net margin of 4.65% and a return on equity of 8.31%. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period last year, the business earned $0.06 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, research analysts anticipate that Nokia Corporation will post 0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NOK shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nokia in a report on Wednesday, October 8th. Raymond James Financial reaffirmed an “outperform” rating on shares of Nokia in a report on Thursday, October 23rd. BNP Paribas raised shares of Nokia from a “hold” rating to an “outperform” rating and set a $5.00 price target for the company in a report on Wednesday, September 3rd. Northland Securities set a $7.50 price objective on shares of Nokia in a report on Friday. Finally, Santander lowered shares of Nokia to a “neutral” rating in a report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $5.87.

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.