Nokia Oyj (NYSE:NOK) Shares Gap Down – Here’s What Happened

Nokia Oyj (NYSE:NOK)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $4.46, but opened at $4.22. Nokia Oyj shares last traded at $4.16, with a volume of 8,203,801 shares changing hands.

Analyst Ratings Changes

Several analysts have weighed in on NOK shares. Northland Securities reaffirmed an “outperform” rating and set a $6.50 price objective on shares of Nokia Oyj in a research report on Friday. StockNews.com raised Nokia Oyj from a “buy” rating to a “strong-buy” rating in a research report on Friday. Finally, Danske raised Nokia Oyj from a “hold” rating to a “buy” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Nokia Oyj has a consensus rating of “Hold” and an average price target of $4.54.

Nokia Oyj Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.57 and a current ratio of 1.82. The business has a 50-day moving average price of $4.28 and a 200 day moving average price of $3.93. The stock has a market capitalization of $26.21 billion, a P/E ratio of 29.66, a PEG ratio of 5.47 and a beta of 1.12.

Nokia Oyj (NYSE:NOK) last announced its quarterly earnings data on Thursday, July 18th. The technology company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. Nokia Oyj had a net margin of 1.95% and a return on equity of 7.98%. The company had revenue of $4.81 billion during the quarter, compared to analyst estimates of $5.12 billion. As a group, sell-side analysts forecast that Nokia Oyj will post 0.36 EPS for the current fiscal year.

Nokia Oyj Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Tuesday, October 22nd will be issued a $0.0324 dividend. This is a positive change from Nokia Oyj’s previous quarterly dividend of $0.03. This represents a $0.13 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend is Tuesday, October 22nd. Nokia Oyj’s payout ratio is presently 50.00%.

Hedge Funds Weigh In On Nokia Oyj

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in Nokia Oyj by 67.0% in the 3rd quarter. GAMMA Investing LLC now owns 8,540 shares of the technology company’s stock worth $37,000 after acquiring an additional 3,427 shares during the last quarter. Banque Cantonale Vaudoise raised its holdings in Nokia Oyj by 48.2% in the 1st quarter. Banque Cantonale Vaudoise now owns 9,229 shares of the technology company’s stock worth $33,000 after acquiring an additional 3,000 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Nokia Oyj during the 1st quarter valued at $35,000. JGP Wealth Management LLC purchased a new stake in Nokia Oyj during the 3rd quarter valued at $45,000. Finally, Simplicity Wealth LLC purchased a new stake in Nokia Oyj during the 2nd quarter valued at $39,000. 5.28% of the stock is currently owned by hedge funds and other institutional investors.

Nokia Oyj Company 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.