Nationwide Fund Advisors trimmed its holdings in ADTRAN, Inc. (NASDAQ:ADTN) by 2.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 195,676 shares of the communications equipment provider’s stock after selling 5,023 shares during the period. Nationwide Fund Advisors owned approximately 0.41% of ADTRAN worth $4,041,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADTN. Marshall Wace North America L.P. purchased a new position in ADTRAN in the second quarter worth $728,000. KBC Group NV raised its stake in shares of ADTRAN by 49.6% during the second quarter. KBC Group NV now owns 51,535 shares of the communications equipment provider’s stock valued at $1,064,000 after acquiring an additional 17,079 shares during the last quarter. BlackRock Inc. raised its stake 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 valued at $123,054,000 after acquiring an additional 5,922,556 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of ADTRAN by 6.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,870,230 shares of the communications equipment provider’s stock valued at $59,558,000 after acquiring an additional 172,439 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of ADTRAN by 46.6% during the second quarter. JPMorgan Chase & Co. now owns 258,431 shares of the communications equipment provider’s stock valued at $5,336,000 after acquiring an additional 82,134 shares during the last quarter. Hedge funds and other institutional investors own 89.47% of the company’s stock.
Shares of ADTRAN, Inc. (NASDAQ ADTN) opened at 23.90 on Wednesday. The stock has a 50 day moving average of $22.99 and a 200 day moving average of $21.31. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 29.84 and a beta of 0.75. ADTRAN, Inc. has a 12-month low of $17.55 and a 12-month high of $24.60.
ADTRAN (NASDAQ:ADTN) last issued its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.11. The business had revenue of $184.67 million during the quarter, compared to analysts’ expectations of $183.05 million. ADTRAN had a return on equity of 8.39% and a net margin of 5.68%. During the same quarter in the previous year, the business earned $0.21 EPS. Analysts forecast that ADTRAN, Inc. will post $0.85 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Tuesday, October 31st. ADTRAN’s dividend payout ratio is presently 43.90%.
A number of equities research analysts have weighed in on ADTN shares. Zacks Investment Research upgraded shares of ADTRAN from a “hold” rating to a “strong-buy” rating and set a $25.00 price objective on the stock in a report on Friday, July 21st. Northland Securities reiterated a “buy” rating on shares of ADTRAN in a report on Friday, July 21st. BidaskClub downgraded shares of ADTRAN from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 16th. Needham & Company LLC increased their price objective on shares of ADTRAN from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, August 10th. Finally, Cowen and Company reiterated a “market perform” rating and issued a $18.00 price target (up from $16.00) on shares of ADTRAN in a research report on Saturday, July 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $24.14.
In other ADTRAN news, SVP Michael Foliano sold 24,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $23.77, for a total value of $570,480.00. Following the transaction, the senior vice president now directly owns 5,417 shares of the company’s stock, valued at approximately $128,762.09. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.96% of the stock is owned by corporate insiders.
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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