Hedge Funds Data Says Nokia Corporation (ADR) (NOK) May Be Lacking

As one would reasonably expect, specific money managers have been driving this bullishness. Millennium Management, managed by Israel Englander, established the largest position in Nokia Corporation (ADR) (NYSE:NOK). Millennium Management had $59.5 million invested in the company at the end of the quarter. Spencer M. Waxman’s Shannon River Fund Management also made an $8.5 million investment in the stock during the quarter. The other funds with new positions in the stock are Dmitry Balyasny’s Balyasny Asset Management, Wojciech Uzdelewicz’s Espalier Global Management, and Ken Griffin’s Citadel Investment Group.

Let’s go over hedge fund activity in other stocks similar to Nokia Corporation (ADR) (NYSE:NOK). These stocks are O’Reilly Automotive Inc (NASDAQ:ORLY), Marathon Petroleum Corp (NYSE:MPC), Aon PLC (NYSE:AON), and LinkedIn Corp (NYSE:LNKD). All of these stocks’ market caps resemble Nokia Corporation’s market cap.

As you can see these stocks had an average of 38.25 hedge funds with bullish positions and the average amount invested in these stocks was $2.29 billion. That figure was $451 million in Nokia Corporation’s case. Marathon Petroleum Corp (NYSE:MPC) is the most popular stock in this table. On the other hand Aon PLC (NYSE:AON) is the least popular one with only 34 bullish hedge fund positions. Compared to these stocks Nokia Corporation (ADR) (NYSE:NOK) is even less popular than Aon and has far less money invested in it than any of the other stocks. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock.