ADTRAN, Inc. (ADTN) Trading Down 1.8%

ADTRAN, Inc. (NASDAQ:ADTN)’s share price traded down 1.8% during mid-day trading on Thursday . The company traded as low as $22.20 and last traded at $21.95. 244,016 shares were traded during trading, a decline of 29% from the average session volume of 345,654 shares. The stock had previously closed at $22.35.

A number of equities analysts have issued reports on the stock. Northland Securities set a $28.00 price target on shares of ADTRAN and gave the stock a “buy” rating in a research report on Wednesday. Zacks Investment Research lowered shares of ADTRAN from a “buy” rating to a “hold” rating in a research report on Tuesday, September 19th. BidaskClub raised shares of ADTRAN from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Needham & Company LLC raised their price target on shares of ADTRAN from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, July 20th. Finally, Cowen and Company reissued 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. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $24.14.

The stock has a market capitalization of $1.05 billion, a PE ratio of 24.83 and a beta of 0.75. The firm’s 50-day moving average is $23.09 and its 200-day moving average is $21.36.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings results on Tuesday, October 17th. The communications equipment provider reported $0.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.13. ADTRAN had a return on equity of 12.91% and a net margin of 8.59%. The firm had revenue of $185.11 million during the quarter, compared to the consensus estimate of $185.43 million. On average, equities research analysts anticipate that ADTRAN, Inc. will post $0.88 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Tuesday, October 31st. ADTRAN’s dividend payout ratio is presently 43.90%.

In related news, SVP Michael Foliano sold 24,000 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $23.77, for a total transaction of $570,480.00. Following the completion of the sale, the senior vice president now directly owns 5,417 shares of the company’s stock, valued at $128,762.09. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.96% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of ADTN. BlackRock Inc. lifted its holdings in shares of ADTRAN by 75,959.4% during the first quarter. BlackRock Inc. now owns 5,930,353 shares of the communications equipment provider’s stock worth $123,054,000 after purchasing an additional 5,922,556 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of ADTRAN by 25.4% during the second quarter. Renaissance Technologies LLC now owns 1,620,128 shares of the communications equipment provider’s stock worth $33,456,000 after purchasing an additional 328,600 shares during the period. Vanguard Group Inc. lifted its holdings in shares of ADTRAN by 6.0% during the first quarter. Vanguard Group Inc. now owns 4,434,998 shares of the communications equipment provider’s stock worth $92,026,000 after purchasing an additional 252,733 shares during the period. Northern Trust Corp lifted its holdings in shares of ADTRAN by 37.1% during the second quarter. Northern Trust Corp now owns 914,639 shares of the communications equipment provider’s stock worth $18,886,000 after purchasing an additional 247,413 shares during the period. Finally, FMR LLC lifted its holdings in shares of ADTRAN by 167.6% during the second quarter. FMR LLC now owns 390,801 shares of the communications equipment provider’s stock worth $8,070,000 after purchasing an additional 244,770 shares during the period. 89.47% of the stock is owned by hedge funds and other institutional investors.

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ADTRAN Company Profile

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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