Cherokee Insurance Co Purchases Shares of 28,000 Nokia Corporation $NOK

Cherokee Insurance Co acquired a new position in shares of Nokia Corporation (NYSE:NOK) in the 2nd quarter, Holdings Channel reports. The fund acquired 28,000 shares of the technology company’s stock, valued at approximately $145,000.

A number of other hedge funds have also modified their holdings of the company. Envestnet Asset Management Inc. raised its position in Nokia by 17.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 267,219 shares of the technology company’s stock valued at $1,408,000 after buying an additional 39,441 shares during the last quarter. Allworth Financial LP grew its stake in shares of Nokia by 16.0% during the 1st quarter. Allworth Financial LP now owns 16,308 shares of the technology company’s stock worth $79,000 after acquiring an additional 2,248 shares in the last quarter. Cerity Partners LLC raised its holdings in shares of Nokia by 128.9% in the first quarter. Cerity Partners LLC now owns 284,784 shares of the technology company’s stock valued at $1,501,000 after purchasing an additional 160,386 shares during the last quarter. Xponance Inc. bought a new stake in shares of Nokia in the first quarter worth $53,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Nokia in the first quarter worth $2,721,000. 5.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NOK has been the topic of several recent research reports. Wall Street Zen lowered shares of Nokia from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Santander cut Nokia to a “neutral” rating in a report on Wednesday, October 29th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Nokia in a research report on Wednesday, October 15th. Danske cut Nokia from a “buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Finally, JPMorgan Chase & Co. boosted their price target on Nokia from $6.00 to $7.10 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Nokia presently has an average rating of “Moderate Buy” and an average target price of $5.87.

Nokia Trading Down 3.5%

Shares of NYSE:NOK opened at $6.78 on Friday. Nokia Corporation has a 52-week low of $3.91 and a 52-week high of $8.19. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.46. The company has a market capitalization of $36.46 billion, a P/E ratio of 37.64 and a beta of 0.84. The company has a 50-day simple moving average of $5.58 and a 200 day simple moving average of $5.09.

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

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.