Short Interest in Nokia (NOK) Expands By 19.0%

Nokia (NYSE:NOK) saw a large increase in short interest in March. As of March 29th, there was short interest totalling 24,585,105 shares, an increase of 19.0% from the March 15th total of 20,661,286 shares. Approximately 0.4% of the company’s shares are sold short. Based on an average trading volume of 14,814,538 shares, the days-to-cover ratio is presently 1.7 days.

Several institutional investors and hedge funds have recently made changes to their positions in NOK. Arrowstreet Capital Limited Partnership purchased a new position in shares of Nokia in the 4th quarter valued at about $54,836,000. Levin Capital Strategies L.P. lifted its stake in Nokia by 25.2% during the fourth quarter. Levin Capital Strategies L.P. now owns 54,775,642 shares of the technology company’s stock worth $255,254,000 after purchasing an additional 11,016,150 shares during the last quarter. Brandes Investment Partners LP lifted its stake in Nokia by 38.8% during the fourth quarter. Brandes Investment Partners LP now owns 10,247,013 shares of the technology company’s stock worth $47,751,000 after purchasing an additional 2,867,023 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Nokia by 47.8% during the fourth quarter. Renaissance Technologies LLC now owns 7,673,680 shares of the technology company’s stock worth $35,759,000 after purchasing an additional 2,482,900 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Nokia by 69.0% during the fourth quarter. Millennium Management LLC now owns 4,424,030 shares of the technology company’s stock worth $20,616,000 after purchasing an additional 1,806,219 shares during the last quarter. Institutional investors and hedge funds own 6.64% of the company’s stock.

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Several equities analysts have weighed in on NOK shares. Goldman Sachs reaffirmed a “neutral” rating on shares of Nokia in a research report on Thursday, January 18th. Vetr downgraded Nokia from a “strong-buy” rating to a “hold” rating and set a $5.54 target price for the company. in a research report on Monday, February 5th. Bank of America raised Nokia from a “neutral” rating to a “buy” rating in a research report on Monday, February 5th. They noted that the move was a valuation call. Credit Suisse Group downgraded Nokia from an “outperform” rating to a “neutral” rating and lifted their target price for the company from $4.89 to $5.00 in a research report on Friday, January 5th. Finally, Zacks Investment Research raised Nokia from a “sell” rating to a “hold” rating in a research report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $5.61.

Shares of NOK opened at $5.52 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.56 and a quick ratio of 1.35. The stock has a market capitalization of $31,311.17, a PE ratio of 14.92, a P/E/G ratio of 2.43 and a beta of 1.16. Nokia has a 1 year low of $4.51 and a 1 year high of $6.65.

Nokia (NYSE:NOK) last announced its quarterly earnings data on Thursday, February 1st. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.04. The business had revenue of $6.67 billion during the quarter, compared to analysts’ expectations of $6.41 billion. Nokia had a positive return on equity of 10.80% and a negative net margin of 6.37%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 EPS. sell-side analysts expect that Nokia will post 0.31 EPS for the current year.

The business also recently disclosed a special dividend, which will be paid on Monday, June 18th. Stockholders of record on Friday, June 1st will be paid a $0.2364 dividend. This represents a dividend yield of 3.5%. The ex-dividend date is Thursday, May 31st. Nokia’s payout ratio is presently 35.14%.

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About Nokia

Nokia Corporation, together with its subsidiaries, provides network infrastructure and related services worldwide. The company operates through three segments: Ultra Broadband Networks, IP Networks and Applications, and Nokia Technologies. It offers mobile networking solutions, such as hardware, software, and services for telecommunications operators, enterprises, and related markets/verticals; radio access network solutions; Internet protocol multimedia subsystem/voice over LTE, subscriber data management and other virtualized software infrastructure solutions; backhaul solutions; and network planning, implementation, operations, and maintenance solutions.

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