Heartland Advisors Inc. Buys Shares of 750,000 ADTRAN Holdings, Inc. $ADTN

Heartland Advisors Inc. purchased a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the first quarter, Holdings Channel reports. The fund purchased 750,000 shares of the communications equipment provider’s stock, valued at approximately $9,435,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in ADTRAN by 253.7% during the 1st quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider’s stock worth $3,039,000 after buying an additional 249,954 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in ADTRAN by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock valued at $408,000 after acquiring an additional 1,946 shares during the period. Legal & General Group Plc increased its position in ADTRAN by 13.9% in the 2nd quarter. Legal & General Group Plc now owns 113,480 shares of the communications equipment provider’s stock valued at $1,018,000 after acquiring an additional 13,821 shares during the period. American Century Companies Inc. raised its stake in shares of ADTRAN by 11.2% during the second quarter. American Century Companies Inc. now owns 224,015 shares of the communications equipment provider’s stock valued at $2,009,000 after acquiring an additional 22,524 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of ADTRAN by 17.6% during the second quarter. Russell Investments Group Ltd. now owns 88,384 shares of the communications equipment provider’s stock valued at $793,000 after acquiring an additional 13,222 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors.

ADTRAN Stock Down 0.5%

ADTRAN stock opened at $11.65 on Friday. The firm has a market cap of $943.65 million, a price-to-earnings ratio of -29.87 and a beta of 1.44. ADTRAN Holdings, Inc. has a 52-week low of $7.11 and a 52-week high of $19.98. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.18 and a current ratio of 1.77. The firm has a 50 day moving average price of $14.75 and a two-hundred day moving average price of $12.67.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. The company had revenue of $286.09 million for the quarter, compared to analyst estimates of $285.48 million. During the same period in the prior year, the firm posted $0.03 EPS. The company’s quarterly revenue was up 15.5% on a year-over-year basis. Equities analysts predict that ADTRAN Holdings, Inc. will post 0.43 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on ADTN shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of ADTRAN in a report on Tuesday, June 30th. Northland Securities set a $18.00 price objective on ADTRAN in a report on Wednesday, May 6th. Rosenblatt Securities raised their target price on ADTRAN from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of ADTRAN in a report on Wednesday, May 6th. Finally, Evercore began coverage on ADTRAN in a research report on Tuesday, April 14th. They issued an “outperform” rating and a $18.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, ADTRAN currently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

ADTRAN Profile

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.