Waterfront Wealth Inc. Sells 380,113 Shares of Nokia Corporation $NOK

Waterfront Wealth Inc. decreased its stake in Nokia Corporation (NYSE:NOK) by 54.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 318,012 shares of the technology company’s stock after selling 380,113 shares during the period. Waterfront Wealth Inc.’s holdings in Nokia were worth $2,174,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in NOK. Arrowstreet Capital Limited Partnership raised its position in Nokia by 50.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 43,424,695 shares of the technology company’s stock worth $208,873,000 after acquiring an additional 14,482,665 shares during the period. Thrivent Financial for Lutherans raised its position in Nokia by 35,010.3% in the third quarter. Thrivent Financial for Lutherans now owns 12,655,143 shares of the technology company’s stock worth $60,871,000 after acquiring an additional 12,619,099 shares during the period. Pzena Investment Management LLC raised its position in Nokia by 17.0% in the third quarter. Pzena Investment Management LLC now owns 80,329,917 shares of the technology company’s stock worth $386,387,000 after acquiring an additional 11,667,677 shares during the period. Folketrygdfondet raised its position in Nokia by 66.6% in the third quarter. Folketrygdfondet now owns 17,380,530 shares of the technology company’s stock worth $83,600,000 after acquiring an additional 6,950,487 shares during the period. Finally, Alyeska Investment Group L.P. bought a new stake in shares of Nokia in the third quarter valued at approximately $31,049,000. Institutional investors own 5.28% of the company’s stock.

Nokia Stock Performance

Nokia stock opened at $10.29 on Monday. The firm’s 50 day simple moving average is $8.26 and its 200 day simple moving average is $7.01. The company has a current ratio of 1.58, a quick ratio of 1.36 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $59.06 billion, a PE ratio of 79.12, a price-to-earnings-growth ratio of 1.88 and a beta of 0.77. Nokia Corporation has a 1-year low of $4.00 and a 1-year high of $10.56.

Nokia (NYSE:NOK) last posted its earnings results on Thursday, March 5th. The technology company reported $0.11 earnings per share for the quarter. The business had revenue of $7.19 billion for the quarter. Nokia had a net margin of 3.41% and a return on equity of 8.54%. As a group, analysts expect that Nokia Corporation will post 0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Kepler Capital Markets raised shares of Nokia from a “hold” rating to a “buy” rating in a research report on Wednesday, January 7th. Bank of America raised shares of Nokia from a “neutral” rating to a “buy” rating and set a $12.40 target price on the stock in a report on Monday, April 13th. Morgan Stanley assumed coverage on shares of Nokia in a report on Monday, February 9th. They set an “overweight” rating and a $8.00 target price on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Nokia in a report on Monday, December 22nd. Finally, Arete Research cut shares of Nokia from a “buy” rating to a “neutral” rating in a report on Friday, March 13th. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.91.

Nokia Company Profile

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.