Stifel Financial Corp trimmed its stake in shares of ADTRAN, Inc. (NASDAQ:ADTN) by 16.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,080 shares of the communications equipment provider’s stock after selling 10,000 shares during the quarter. Stifel Financial Corp owned about 0.10% of ADTRAN worth $1,035,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in ADTN. BlackRock Inc. raised its position in shares of ADTRAN by 75,959.4% during the 1st quarter. BlackRock Inc. now owns 5,930,353 shares of the communications equipment provider’s stock worth $123,054,000 after buying an additional 5,922,556 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of ADTRAN by 25.4% during the 2nd quarter. Renaissance Technologies LLC now owns 1,620,128 shares of the communications equipment provider’s stock worth $33,456,000 after buying an additional 328,600 shares in the last quarter. Vanguard Group Inc. raised its position in shares of ADTRAN by 6.0% during the 1st quarter. Vanguard Group Inc. now owns 4,434,998 shares of the communications equipment provider’s stock worth $92,026,000 after buying an additional 252,733 shares in the last quarter. Northern Trust Corp raised its position in shares of ADTRAN by 37.1% during the 2nd quarter. Northern Trust Corp now owns 914,639 shares of the communications equipment provider’s stock worth $18,886,000 after buying an additional 247,413 shares in the last quarter. Finally, FMR LLC raised its position in shares of ADTRAN by 167.6% during the 2nd quarter. FMR LLC now owns 390,801 shares of the communications equipment provider’s stock worth $8,070,000 after buying an additional 244,770 shares in the last quarter. Institutional investors own 89.47% of the company’s stock.
A number of research firms have commented on ADTN. Zacks Investment Research upgraded shares of ADTRAN from a “hold” rating to a “strong-buy” rating and set a $25.00 price target on the stock in a research report on Friday, July 21st. Northland Securities restated a “buy” rating on shares of ADTRAN in a research report on Friday, July 21st. Cowen and Company restated a “market perform” rating and set a $18.00 price target (up from $16.00) on shares of ADTRAN in a research report on Saturday, July 22nd. BidaskClub upgraded shares of ADTRAN from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Finally, Needham & Company LLC boosted their price target on shares of ADTRAN from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. ADTRAN currently has a consensus rating of “Buy” and an average target price of $24.29.
In related news, SVP Michael Foliano sold 24,000 shares of the firm’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $23.77, for a total value of $570,480.00. Following the completion of the transaction, the senior vice president now directly owns 5,417 shares of the company’s stock, valued at $128,762.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.96% of the stock is currently owned by company insiders.
Shares of ADTRAN, Inc. (NASDAQ ADTN) opened at 21.95 on Monday. ADTRAN, Inc. has a 12-month low of $17.55 and a 12-month high of $25.10. The company has a market capitalization of $1.05 billion, a P/E ratio of 24.94 and a beta of 0.75. The company has a 50 day moving average of $23.08 and a 200-day moving average of $21.37.
ADTRAN (NASDAQ:ADTN) last released its earnings results on Tuesday, October 17th. The communications equipment provider reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.13. ADTRAN had a net margin of 6.05% and a return on equity of 9.05%. The business had revenue of $185.11 million during the quarter, compared to analysts’ expectations of $185.43 million. On average, equities analysts anticipate that ADTRAN, Inc. will post $0.89 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be paid a $0.09 dividend. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $0.36 annualized dividend and a dividend yield of 1.64%. ADTRAN’s dividend payout ratio is presently 40.45%.
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ADTRAN, Inc (ADTRAN) is a provider of networking and communications equipment. The Company’s solutions enable voice, data, video and Internet communications across a range of network infrastructures. It operates through two segments: Network Solutions and Services & Support. Network Solutions includes software and hardware products that enable CSPs and enterprise customers to realize a fully connected world.
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