Maxi Investments CY Ltd Grows Stock Holdings in Nokia Corporation (NYSE:NOK)

Maxi Investments CY Ltd increased its stake in Nokia Corporation (NYSE:NOK) by 57.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 525,482 shares of the technology company’s stock after acquiring an additional 192,063 shares during the period. Maxi Investments CY Ltd’s holdings in Nokia were worth $2,769,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. TCW Group Inc. acquired a new stake in shares of Nokia in the first quarter valued at $425,000. Diversify Wealth Management LLC acquired a new stake in shares of Nokia in the first quarter valued at $910,000. Penserra Capital Management LLC raised its stake in shares of Nokia by 41.0% in the first quarter. Penserra Capital Management LLC now owns 3,707,857 shares of the technology company’s stock valued at $19,540,000 after acquiring an additional 1,078,476 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Nokia in the fourth quarter valued at $2,961,000. Finally, Centiva Capital LP acquired a new stake in Nokia in the fourth quarter valued at $409,000. 5.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on NOK shares. Wall Street Zen upgraded Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, May 21st. JPMorgan Chase & Co. cut their price target on Nokia from $6.50 to $6.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 29th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $5.78.

Nokia Stock Up 1.1%

Nokia stock opened at $4.09 on Tuesday. The stock’s fifty day moving average is $4.98 and its two-hundred day moving average is $5.00. The stock has a market cap of $22.03 billion, a PE ratio of 20.47 and a beta of 0.88. Nokia Corporation has a 1-year low of $3.70 and a 1-year high of $5.48. 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 (NYSE:NOK) last issued its quarterly earnings data on Thursday, July 24th. The technology company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.02). The firm had revenue of $5.34 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Nokia had a return on equity of 8.36% and a net margin of 5.30%. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.06 EPS. On average, sell-side analysts expect that Nokia Corporation will post 0.34 EPS for the current fiscal year.

Nokia Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Tuesday, August 12th. Shareholders of record on Wednesday, July 30th will be issued a dividend of $0.0317 per share. The ex-dividend date of this dividend is Tuesday, July 29th. This represents a dividend yield of 293.0%. Nokia’s dividend payout ratio (DPR) is presently 65.00%.

Nokia 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.