Nokia Oyj (NYSE:NOK) Reaches New 1-Year High – Here’s Why

Nokia Oyj (NYSE:NOK)’s share price reached a new 52-week high on Monday . The company traded as high as $5.12 and last traded at $5.09, with a volume of 4456627 shares traded. The stock had previously closed at $4.80.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. StockNews.com cut Nokia Oyj from a “strong-buy” rating to a “buy” rating in a research note on Monday, February 3rd. Craig Hallum increased their price target on Nokia Oyj from $6.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, January 6th. The Goldman Sachs Group downgraded 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. Finally, JPMorgan Chase & Co. reduced their target price on shares of Nokia Oyj from $6.35 to $6.30 and set an “overweight” rating on the stock in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $5.85.

Nokia Oyj Price Performance

The company has a market capitalization of $28.22 billion, a PE ratio of 20.70, a P/E/G ratio of 6.43 and a beta of 1.11. 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 stock has a fifty day simple moving average of $4.69 and a 200-day simple moving average of $4.50.

Nokia Oyj (NYSE:NOK) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported $0.19 earnings per share (EPS) 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%. Equities analysts anticipate that Nokia Oyj will post 0.34 earnings per share for the current year.

Institutional Investors Weigh In On Nokia Oyj

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its holdings in shares of Nokia Oyj by 1,012.3% during the third quarter. FMR LLC now owns 30,497,275 shares of the technology company’s stock worth $133,273,000 after purchasing an additional 27,755,460 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Nokia Oyj by 179.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 29,058,227 shares of the technology company’s stock worth $128,728,000 after buying an additional 18,660,482 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in Nokia Oyj during the fourth quarter worth approximately $53,481,000. Pzena Investment Management LLC lifted its stake in Nokia Oyj by 10.0% in the third quarter. Pzena Investment Management LLC now owns 90,785,960 shares of the technology company’s stock valued at $396,735,000 after buying an additional 8,261,407 shares during the last quarter. Finally, Freestone Grove Partners LP purchased a new position in Nokia Oyj during the 4th quarter worth $33,348,000. 5.28% of the stock is currently owned by institutional investors and hedge funds.

About Nokia Oyj

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.