Shares of Nokia Corporation (NYSE:NOK – Get Free Report) shot up 6.3% on Tuesday . The company traded as high as $16.63 and last traded at $16.45. 185,367,144 shares were traded during mid-day trading, an increase of 164% from the average session volume of 70,346,594 shares. The stock had previously closed at $15.47.
Analysts Set New Price Targets
Several equities research analysts have commented on the stock. Bank of America upgraded shares of Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price objective for the company in a research note on Monday, April 13th. Nordea Equity Research raised Nokia from a “hold” rating to a “buy” rating in a report on Friday, April 24th. Arete Research upgraded Nokia from a “neutral” rating to a “buy” rating in a report on Wednesday, April 29th. Northland Securities set a $13.00 price target on Nokia in a report on Monday, April 20th. Finally, Argus upgraded Nokia from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Monday, April 27th. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.71.
Nokia Stock Down 2.6%
Nokia (NYSE:NOK – Get Free Report) last released its earnings results on Tuesday, March 31st. The technology company reported $0.06 earnings per share for the quarter. Nokia had a net margin of 4.02% and a return on equity of 9.05%. The firm had revenue of $5.21 billion during the quarter. As a group, research analysts expect that Nokia Corporation will post 0.4 earnings per share for the current fiscal year.
Nokia Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, May 12th. Stockholders of record on Tuesday, April 28th were given a dividend of $0.0468 per share. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.19 dividend on an annualized basis and a dividend yield of 1.2%. This is an increase from Nokia’s previous quarterly dividend of $0.04. Nokia’s payout ratio is currently 81.25%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of NOK. Analog Century Management LP bought a new position in Nokia in the 4th quarter worth approximately $104,244,000. Arrowstreet Capital Limited Partnership boosted its holdings in Nokia by 50.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 43,424,695 shares of the technology company’s stock worth $208,873,000 after buying an additional 14,482,665 shares during the period. ARGA Investment Management LP boosted its holdings in Nokia by 166.4% in the 1st quarter. ARGA Investment Management LP now owns 20,388,202 shares of the technology company’s stock worth $163,921,000 after buying an additional 12,734,021 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Nokia by 35,010.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 12,655,143 shares of the technology company’s stock worth $60,871,000 after buying an additional 12,619,099 shares during the period. Finally, Pzena Investment Management LLC boosted its holdings in Nokia by 17.0% in the 3rd quarter. Pzena Investment Management LLC now owns 80,329,917 shares of the technology company’s stock worth $386,387,000 after buying an additional 11,667,677 shares during the period. 5.28% of the stock is owned by institutional investors.
About Nokia
Nokia Corporation, headquartered in Espoo, Finland, is a global telecommunications and technology company with roots dating back to 1865. Over its long history the company moved from forestry and cable operations into electronics and telecommunications, becoming widely known in the 1990s and 2000s for its mobile phones. In recent years Nokia refocused its business toward network infrastructure, software and technology licensing, and research and development, following the divestiture of its handset manufacturing business and the acquisition of Alcatel‑Lucent in 2016, which brought Bell Labs into its portfolio.
Today Nokia’s core activities center on designing, building and supporting communications networks and related software.
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