Los Angeles Capital Management & Equity Research Inc. trimmed its stake in ADTRAN, Inc. (NASDAQ:ADTN) by 13.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 56,260 shares of the communications equipment provider’s stock after selling 8,520 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned 0.12% of ADTRAN worth $993,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of ADTN. BlackRock Inc. raised its stake in shares of ADTRAN by 8.3% in the 2nd quarter. BlackRock Inc. now owns 6,934,364 shares of the communications equipment provider’s stock valued at $102,976,000 after acquiring an additional 531,092 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of ADTRAN by 95.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 819,498 shares of the communications equipment provider’s stock valued at $12,168,000 after acquiring an additional 400,205 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of ADTRAN by 5.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,459,427 shares of the communications equipment provider’s stock valued at $51,372,000 after acquiring an additional 182,298 shares in the last quarter. MUFG Securities EMEA plc bought a new position in shares of ADTRAN in the 2nd quarter valued at approximately $1,625,000. Finally, Victory Capital Management Inc. raised its stake in shares of ADTRAN by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 3,153,118 shares of the communications equipment provider’s stock valued at $55,652,000 after acquiring an additional 88,790 shares in the last quarter. 94.67% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have commented on the company. BidaskClub downgraded ADTRAN from a “hold” rating to a “sell” rating in a research report on Saturday, December 1st. Needham & Company LLC dropped their price target on ADTRAN from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, October 18th. They noted that the move was a valuation call. ValuEngine downgraded ADTRAN from a “buy” rating to a “hold” rating in a research report on Wednesday, October 17th. Zacks Investment Research raised ADTRAN from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research report on Tuesday, October 9th. Finally, MKM Partners lifted their price target on ADTRAN from $21.00 to $22.00 in a research report on Thursday, September 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $17.89.
ADTN stock opened at $12.00 on Friday. The company has a quick ratio of 1.96, a current ratio of 2.82 and a debt-to-equity ratio of 0.06. The stock has a market cap of $597.53 million, a PE ratio of 13.47 and a beta of 0.87. ADTRAN, Inc. has a fifty-two week low of $11.92 and a fifty-two week high of $23.05.
ADTRAN (NASDAQ:ADTN) last announced its earnings results on Tuesday, October 16th. The communications equipment provider reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.17. The company had revenue of $140.34 million for the quarter, compared to analyst estimates of $146.00 million. ADTRAN had a negative return on equity of 2.20% and a negative net margin of 3.94%. During the same quarter last year, the company earned $0.33 earnings per share. As a group, equities research analysts anticipate that ADTRAN, Inc. will post -0.32 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Wednesday, October 31st were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend was Tuesday, October 30th. ADTRAN’s dividend payout ratio (DPR) is 40.45%.
ADTRAN, Inc provides networking and communications equipment worldwide. The company operates through two segments, Network Solutions and Services & Support. It offers access and aggregation solutions, including network management and subscriber services control and orchestration software within a SD-access architecture; SDN-controlled programmable network elements; fiber to the premises and fiber to the node (FTTN) multi-service access nodes (MSAN); fiber aggregation and FTTN MSAN; fiber to the distribution point optical network units; optical line terminals; optical networking edge aggregation; and IP digital subscriber line access multiplexers.
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