Pzena Investment Management LLC Sells 6,942,985 Shares of Nokia Oyj (NYSE:NOK)

Pzena Investment Management LLC lowered its stake in shares of Nokia Oyj (NYSE:NOK) by 7.6% during the fourth quarter, HoldingsChannel reports. The fund owned 83,842,975 shares of the technology company’s stock after selling 6,942,985 shares during the quarter. Nokia Oyj makes up about 1.3% of Pzena Investment Management LLC’s portfolio, making the stock its 29th biggest holding. Pzena Investment Management LLC’s holdings in Nokia Oyj were worth $371,424,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. boosted its stake in Nokia Oyj by 3.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 94,906 shares of the technology company’s stock worth $420,000 after buying an additional 3,398 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Nokia Oyj during the 4th quarter worth about $58,000. Ashton Thomas Private Wealth LLC acquired a new position in Nokia Oyj during the 4th quarter worth about $465,000. Raymond James Financial Inc. bought a new stake in Nokia Oyj during the 4th quarter worth about $2,961,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Nokia Oyj by 14.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 394,867 shares of the technology company’s stock worth $1,749,000 after purchasing an additional 48,509 shares during the last quarter. Institutional investors own 5.28% of the company’s stock.

Nokia Oyj Trading Down 1.6 %

NYSE NOK opened at $5.15 on Tuesday. Nokia Oyj has a 12 month low of $3.29 and a 12 month high of $5.28. The stock has a 50 day moving average of $4.75 and a 200-day moving average of $4.52. The company has a current ratio of 1.58, a quick ratio of 1.39 and a debt-to-equity ratio of 0.14. The company has a market cap of $28.05 billion, a PE ratio of 20.58, a PEG ratio of 6.43 and a beta of 1.11.

Nokia Oyj (NYSE:NOK) last posted its quarterly earnings results on Thursday, January 30th. The technology company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.05. Nokia Oyj had a return on equity of 10.30% and a net margin of 6.54%. On average, equities research analysts anticipate that Nokia Oyj will post 0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. JPMorgan Chase & Co. dropped their price objective on Nokia Oyj from $6.35 to $6.30 and set an “overweight” rating for the company in a report on Friday, February 21st. The Goldman Sachs Group lowered Nokia Oyj from a “neutral” rating to a “sell” rating and set a $3.60 price objective for the company. in a research report on Thursday, January 16th. Craig Hallum upped their price target on Nokia Oyj from $6.00 to $7.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, StockNews.com downgraded Nokia Oyj from a “strong-buy” rating to a “buy” rating in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $5.85.

Nokia Oyj 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.