Bank of America Lowers Nokia (NYSE:NOK) to Neutral

Samuel Edwards

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Bank of America lowered shares of Nokia (NYSE:NOK) from a buy rating to a neutral rating in a research report sent to investors on Friday morning, AR Network reports.

Several other equities research analysts have also issued reports on NOK. DZ Bank reaffirmed a buy rating on shares of Nokia in a research note on Tuesday, September 8th. ValuEngine lowered shares of Nokia from a hold rating to a sell rating in a research note on Tuesday, September 1st. Credit Suisse Group reaffirmed a neutral rating on shares of Nokia in a research note on Tuesday, September 29th. Deutsche Bank Aktiengesellschaft reaffirmed a buy rating on shares of Nokia in a research note on Monday, August 3rd. Finally, Morgan Stanley reaffirmed an equal weight rating on shares of Nokia in a research note on Monday, August 3rd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $4.90.

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Shares of NYSE:NOK opened at $3.37 on Friday. The firm has a fifty day moving average of $4.02 and a two-hundred day moving average of $4.18. The firm has a market capitalization of $18.91 billion, a P/E ratio of 28.09, a price-to-earnings-growth ratio of 0.96 and a beta of 0.64. Nokia has a 12-month low of $2.34 and a 12-month high of $5.14. The company has a quick ratio of 1.26, a current ratio of 1.50 and a debt-to-equity ratio of 0.34.

Nokia (NYSE:NOK) last issued its earnings results on Thursday, October 29th. The technology company reported $0.06 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.06. Nokia had a net margin of 2.76% and a return on equity of 9.26%. Equities research analysts expect that Nokia will post 0.28 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Nuveen Asset Management LLC bought a new position in Nokia in the 2nd quarter worth $38,327,000. Bank of America Corp DE increased its holdings in shares of Nokia by 2.7% during the 2nd quarter. Bank of America Corp DE now owns 5,699,069 shares of the technology company’s stock worth $25,076,000 after purchasing an additional 148,414 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Nokia by 25.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 4,597,072 shares of the technology company’s stock worth $20,227,000 after purchasing an additional 942,798 shares during the period. Portolan Capital Management LLC increased its holdings in shares of Nokia by 432.0% during the 2nd quarter. Portolan Capital Management LLC now owns 3,190,900 shares of the technology company’s stock worth $14,040,000 after purchasing an additional 2,591,095 shares during the period. Finally, US Bancorp DE increased its holdings in shares of Nokia by 868.8% during the 2nd quarter. US Bancorp DE now owns 2,150,925 shares of the technology company’s stock worth $9,464,000 after purchasing an additional 1,928,901 shares during the period. Hedge funds and other institutional investors own 4.39% of the company’s stock.

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Nokia Company Profile

Nokia Corporation engages in the network and technology businesses worldwide. The company operates in four segments: Ultra Broadband Networks, Global Services, IP Networks and Applications, and Nokia Technologies. It focuses on mobile radio including macro radio, small cells, and cloud native radio solutions for communications service providers and enterprises; and provides network planning and optimization, network implementation, and systems integration, as well as company-wide managed services.

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