This Data Might Be Nokia Corporation (ADR) (NOK)’s Worst Nightmare
The following data might just make Nokia Corporation (ADR) (NYSE:NOK) a sell.
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Now that that's out of the way, let's discuss the newest info about Nokia Corporation (ADR) (NYSE:NOK).
How have hedgies been trading Nokia Corporation (ADR) (NYSE:NOK)?
Heading into Q3, a total of 11 of the hedge funds we track were long in this stock, a change of -21% from the previous quarter. With the smart money's positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were boosting their holdings substantially.
Out of the hedge funds we follow, Peter Rathjens, Bruce Clarke and John Campbell's Arrowstreet Capital had the most valuable position in Nokia Corporation (ADR) (NYSE:NOK), worth close to $121.7 million, accounting for 0.9% of its total 13F portfolio. Coming in second is Chou Associates Management, managed by Francis Chou, which held a $18.7 million position; the fund has 5% of its 13F portfolio invested in the stock. Other hedge funds that are bullish include Ken Griffin's Citadel Investment Group, Michael Hintze's CQS Cayman LP and Dmitry Balyasny's Balyasny Asset Management.
Due to the fact Nokia Corporation (ADR) (NYSE:NOK) has witnessed declining interest from the smart money's best and brightest, we can see that there is a sect of money managers that elected to cut their entire stakes at the end of the second quarter. At the top of the heap, Jim Simons's Renaissance Technologies sold off the largest stake of the 450+ funds we watch, totaling close to $36.2 million in stock, and Israel Englander of Millennium Management was right behind this move, as the fund cut about $12.5 million worth. These moves are interesting, as aggregate hedge fund interest was cut by 3 funds at the end of the second quarter.
How have insiders been trading Nokia Corporation (ADR) (NYSE:NOK)?
Insider buying is at its handiest when the primary stock in question has seen transactions within the past half-year. Over the latest six-month time period, Nokia Corporation (ADR) (NYSE:NOK) has seen zero unique insiders buying, and zero insider sales (see the details of insider trades here).
We'll also take a look at the relationship between both of these indicators in other stocks similar to Nokia Corporation (ADR) (NYSE:NOK). These stocks are JDS Uniphase Corp (NASDAQ:JDSU), Echostar Corporation (NASDAQ:SATS), Ericsson (ADR) (NASDAQ:ERIC), Harris Corporation (NYSE:HRS), and Motorola Solutions Inc (NYSE:MSI). This group of stocks are in the communication equipment industry and their market caps are closest to NOK's market cap.
# of Hedge Funds
# of Insiders Buying
# of Insiders Selling
JDS Uniphase Corp (NASDAQ:JDSU)
Echostar Corporation (NASDAQ:SATS)
Ericsson (ADR) (NASDAQ:ERIC)
Harris Corporation (NYSE:HRS)
Motorola Solutions Inc (NYSE:MSI)
Using the returns shown by the previously mentioned research, regular investors should always keep one eye on hedge fund and insider trading sentiment, and Nokia Corporation (ADR) (NYSE:NOK) applies perfectly to this mantra.