Northland Securities set a $28.00 price target on ADTRAN, Inc. (NASDAQ:ADTN) in a research note released on Wednesday, October 18th. The brokerage currently has a buy rating on the communications equipment provider’s stock.
Other analysts have also recently issued reports about the stock. Zacks Investment Research upgraded shares of ADTRAN from a hold rating to a strong-buy rating and set a $25.00 target price on the stock in a research report on Friday, July 21st. BidaskClub lowered 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 stock a buy rating in a research report on Thursday, August 10th. Finally, Cowen and Company reissued a market perform rating and issued a $18.00 price objective (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 given a hold rating and five have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $24.29.
ADTRAN (ADTN) traded up 1.90% during midday trading on Wednesday, hitting $21.40. The stock had a trading volume of 561,688 shares. The company’s 50 day moving average price is $23.01 and its 200-day moving average price is $21.42. ADTRAN has a 52 week low of $17.55 and a 52 week high of $25.10. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 24.32 and a beta of 0.75.
ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Tuesday, October 17th. The communications equipment provider reported $0.37 EPS for the quarter, topping the consensus estimate of $0.24 by $0.13. The business had revenue of $185.11 million for the quarter, compared to analysts’ expectations of $185.43 million. ADTRAN had a net margin of 6.05% and a return on equity of 9.05%. Equities analysts anticipate that ADTRAN will post $0.86 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.68%. ADTRAN’s dividend payout ratio is presently 40.45%.
In related news, SVP Kevin P. Heering sold 9,809 shares of the stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $21.60, for a total transaction of $211,874.40. Following the completion of the sale, the senior vice president now owns 10,162 shares of the company’s stock, valued at $219,499.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Raymond R. Schansman sold 48,056 shares of the stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $21.70, for a total transaction of $1,042,815.20. Following the sale, the senior vice president now directly owns 11,658 shares of the company’s stock, valued at approximately $252,978.60. The disclosure for this sale can be found here. 2.96% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of ADTN. BlackRock Inc. raised its holdings in shares of ADTRAN by 75,959.4% in the first quarter. BlackRock Inc. now owns 5,930,353 shares of the communications equipment provider’s stock worth $123,054,000 after buying an additional 5,922,556 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of ADTRAN by 25.4% in the second quarter. Renaissance Technologies LLC now owns 1,620,128 shares of the communications equipment provider’s stock worth $33,456,000 after buying an additional 328,600 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of ADTRAN by 6.0% in the first quarter. Vanguard Group Inc. now owns 4,434,998 shares of the communications equipment provider’s stock worth $92,026,000 after buying an additional 252,733 shares during the last quarter. Northern Trust Corp raised its holdings in shares of ADTRAN by 37.1% in the second quarter. Northern Trust Corp now owns 914,639 shares of the communications equipment provider’s stock worth $18,886,000 after buying an additional 247,413 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of ADTRAN by 167.6% in the second quarter. FMR LLC now owns 390,801 shares of the communications equipment provider’s stock worth $8,070,000 after buying an additional 244,770 shares during the last quarter. 89.47% of the stock is owned by institutional investors and hedge funds.
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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