Adirondack Research & Management Inc. reduced its holdings in shares of ADTRAN, Inc. (NASDAQ:ADTN) by 16.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 256,804 shares of the communications equipment provider’s stock after selling 49,893 shares during the quarter. ADTRAN accounts for about 3.7% of Adirondack Research & Management Inc.’s investment portfolio, making the stock its 3rd largest holding. Adirondack Research & Management Inc. owned about 0.54% of ADTRAN worth $2,807,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of ADTRAN by 107.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,559 shares of the communications equipment provider’s stock valued at $43,000 after buying an additional 2,878 shares during the last quarter. Bank of Montreal Can lifted its stake in ADTRAN by 1,082.9% during the second quarter. Bank of Montreal Can now owns 5,335 shares of the communications equipment provider’s stock worth $59,000 after purchasing an additional 4,884 shares during the last quarter. Zeke Capital Advisors LLC bought a new position in ADTRAN during the second quarter worth $111,000. First Quadrant L P CA bought a new position in ADTRAN during the second quarter worth $119,000. Finally, Trexquant Investment LP bought a new position in ADTRAN during the second quarter worth $121,000. Institutional investors own 89.75% of the company’s stock.
ADTN has been the topic of several research analyst reports. TheStreet upgraded ADTRAN from a “d+” rating to a “c” rating in a research note on Monday, August 10th. Northland Securities restated a “buy” rating and set a $16.00 price objective on shares of ADTRAN in a research note on Thursday, August 6th. BidaskClub cut ADTRAN from a “hold” rating to a “sell” rating in a research note on Tuesday, September 1st. ValuEngine cut ADTRAN from a “buy” rating to a “hold” rating in a research note on Thursday, July 23rd. Finally, Needham & Company LLC assumed coverage on ADTRAN in a research note on Monday, August 10th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. ADTRAN currently has an average rating of “Hold” and a consensus target price of $12.00.
Shares of ADTN traded up $0.05 during trading hours on Friday, reaching $10.45. 369,500 shares of the company’s stock traded hands, compared to its average volume of 235,898. The business’s fifty day simple moving average is $11.98 and its two-hundred day simple moving average is $10.17. The firm has a market capitalization of $501.16 million, a price-to-earnings ratio of -7.41 and a beta of 1.31. ADTRAN, Inc. has a twelve month low of $4.80 and a twelve month high of $13.20.
ADTRAN (NASDAQ:ADTN) last released its quarterly earnings data on Wednesday, August 5th. The communications equipment provider reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. ADTRAN had a negative return on equity of 3.33% and a negative net margin of 14.37%. The business had revenue of $128.72 million during the quarter, compared to the consensus estimate of $127.55 million. On average, research analysts forecast that ADTRAN, Inc. will post 0.05 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were issued a $0.09 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $0.36 annualized dividend and a dividend yield of 3.44%. ADTRAN’s dividend payout ratio (DPR) is currently -3,600.00%.
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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