Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) shares experienced increased option demand as stock traders purchased 9,607 put options on the stock on Monday, according to Analyst Ratings News. This is an increase of 405% compared to the average volume of 1,904 put options.
Analyst upbeat on Nokia
Recently, a number of research firms have assigned ratings to Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) stock. Canaccord Genuity has upgraded its price target on the shares from $10.25 to $11.00 in a research note on Tuesday, May 27th. Analysts have assigned Buy rating to the stock. Analysts at Deutsche Bank have also upgraded the ratings on Nokia from Hold to a Buy rating, in a research note to the investors on Wednesday May 21st and assigned it a price target of $10.12. Jefferies Group analysts upgraded rating from Buy to Hold in a research note to the investors on Wednesday, May 21st.
Overall, the Finnish company has a consensus rating of Hold and a consensus price target of $11.82.
In its latest quarter results, the Finnish company posted earnings of $0.03 per share, below the consensus estimate of $0.04. Revenue for the company came in at $2.66 billion for the quarter, which was down 54.5% compared to the same quarter last year. For the full year, analysts are expecting earnings per share of $0.31.
Big promises to investors
Recently, the board of directors at Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) approved a special dividend scheduled for Wednesday, July 9th. Shareholders of record on Monday, June 23rd will be paid a dividend of $0.3591 per share. This represents a dividend yield of 2.04%. The ex-dividend date is Thursday, June 19th.
Nokia Corporation (NYSE:NOK) has assured its investors that it will return a portion of 5.6 billion Euros from the Microsoft transaction to shareholders. Also, the board will reach a decision related to an ordinary and special dividend on June 17th at the annual general meeting.
The shares of the company surged to close at $8.13 on Friday, capping a gain of 12% in just two weeks. It has been almost five months since Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) rallied above $8. According to technical analysts, the next major target for the stock would be to cross $10, which would be possible if the stock breaches the last resistance level of $8-$8:30.