Granite Point Capital Management L.P. Invests $2.04 Million in Nokia Oyj (NOK) Stock

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Granite Point Capital Management L.P. bought a new position in shares of Nokia Oyj (NYSE:NOK) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 350,000 shares of the technology company’s stock, valued at approximately $2,037,000. Nokia Oyj comprises approximately 0.4% of Granite Point Capital Management L.P.’s holdings, making the stock its 28th largest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Weybosset Research & Management LLC acquired a new position in shares of Nokia Oyj in the fourth quarter valued at $66,000. BB&T Securities LLC increased its holdings in shares of Nokia Oyj by 21.1% in the fourth quarter. BB&T Securities LLC now owns 24,732 shares of the technology company’s stock valued at $143,000 after purchasing an additional 4,309 shares during the last quarter. Lourd Capital LLC increased its holdings in shares of Nokia Oyj by 92.8% in the fourth quarter. Lourd Capital LLC now owns 28,942 shares of the technology company’s stock valued at $168,000 after purchasing an additional 13,933 shares during the last quarter. Dorsey & Whitney Trust CO LLC increased its holdings in shares of Nokia Oyj by 17.0% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 30,218 shares of the technology company’s stock valued at $175,000 after purchasing an additional 4,400 shares during the last quarter. Finally, Advisor Partners LLC increased its holdings in shares of Nokia Oyj by 63.8% in the fourth quarter. Advisor Partners LLC now owns 32,824 shares of the technology company’s stock valued at $191,000 after purchasing an additional 12,789 shares during the last quarter. Institutional investors and hedge funds own 6.59% of the company’s stock.

Several equities analysts have commented on the stock. BMO Capital Markets upgraded shares of Nokia Oyj from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $5.00 to $7.50 in a report on Thursday, January 3rd. Zacks Investment Research downgraded shares of Nokia Oyj from a “buy” rating to a “hold” rating in a report on Friday, November 30th. DNB Markets upgraded shares of Nokia Oyj from a “hold” rating to a “buy” rating in a report on Thursday, October 25th. Canaccord Genuity upgraded shares of Nokia Oyj from a “hold” rating to a “buy” rating in a report on Friday, October 26th. Finally, ValuEngine upgraded shares of Nokia Oyj from a “sell” rating to a “hold” rating in a report on Tuesday, December 11th. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Nokia Oyj has a consensus rating of “Hold” and a consensus target price of $6.81.

Shares of Nokia Oyj stock opened at $6.19 on Monday. The stock has a market capitalization of $34.71 billion, a PE ratio of 22.81, a price-to-earnings-growth ratio of 2.04 and a beta of 0.39. Nokia Oyj has a 52-week low of $5.07 and a 52-week high of $6.65. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.29 and a quick ratio of 1.07.

Nokia Oyj (NYSE:NOK) last announced its earnings results on Thursday, January 31st. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.01. The company had revenue of $7.84 billion during the quarter, compared to analysts’ expectations of $7.61 billion. Nokia Oyj had a negative net margin of 1.58% and a positive return on equity of 8.03%. As a group, analysts anticipate that Nokia Oyj will post 0.3 earnings per share for the current year.

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Nokia Oyj Company Profile

Nokia Corporation engages in the network and technology businesses worldwide. The company operates through four segments: Ultra Broadband Networks, Global Services, IP Networks and Applications, and Nokia Technologies. It provides mobile networking solutions, including hardware, software, and services for telecommunications operators, enterprises, and related markets/verticals.

Further Reading: The Discount Rate – What You Need to Know

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Institutional Ownership by Quarter for Nokia Oyj (NYSE:NOK)

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