Ameriprise Financial Inc. lifted its holdings in ADTRAN, Inc. (NASDAQ:ADTN) by 6.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 402,723 shares of the communications equipment provider’s stock after purchasing an additional 24,200 shares during the period. Ameriprise Financial Inc. owned approximately 0.84% of ADTRAN worth $9,664,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. Aperio Group LLC grew its holdings in ADTRAN by 23.2% during the 2nd quarter. Aperio Group LLC now owns 16,700 shares of the communications equipment provider’s stock worth $345,000 after acquiring an additional 3,140 shares in the last quarter. Municipal Employees Retirement System of Michigan grew its holdings in ADTRAN by 6.5% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 15,620 shares of the communications equipment provider’s stock worth $322,000 after acquiring an additional 950 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in ADTRAN by 3.9% during the 2nd quarter. Great West Life Assurance Co. Can now owns 69,636 shares of the communications equipment provider’s stock worth $1,442,000 after acquiring an additional 2,600 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in ADTRAN by 6.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 409,976 shares of the communications equipment provider’s stock worth $8,467,000 after acquiring an additional 25,208 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in ADTRAN by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 787,094 shares of the communications equipment provider’s stock worth $16,254,000 after acquiring an additional 13,222 shares in the last quarter. Hedge funds and other institutional investors own 91.37% of the company’s stock.
In other ADTRAN news, SVP Raymond R. Schansman sold 48,056 shares of the firm’s stock in a transaction dated 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kevin P. Heering sold 9,809 shares of the firm’s stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $21.60, for a total transaction of $211,874.40. Following the sale, the senior vice president now directly owns 10,162 shares in the company, valued at $219,499.20. The disclosure for this sale can be found here. 2.96% of the stock is currently owned by corporate insiders.
Several brokerages have recently issued reports on ADTN. Zacks Investment Research upgraded shares of ADTRAN from a “hold” rating to a “strong-buy” rating and set a $26.00 target price for the company in a report on Friday, October 20th. Northland Securities set a $28.00 target price on shares of ADTRAN and gave the company a “buy” rating in a report on Wednesday, October 18th. Needham & Company LLC restated a “buy” rating and issued a $22.00 target price (down previously from $26.00) on shares of ADTRAN in a report on Friday. Cowen reiterated a “hold” rating and issued a $16.00 price target on shares of ADTRAN in a research report on Friday, December 29th. Finally, BidaskClub downgraded shares of ADTRAN from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $23.21.
Shares of ADTRAN, Inc. (NASDAQ ADTN) remained flat at $$19.70 on Friday. 348,986 shares of the stock traded hands, compared to its average volume of 390,929. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.43 and a current ratio of 3.36. The firm has a market cap of $948.55, a PE ratio of 22.39, a P/E/G ratio of 2.86 and a beta of 0.77. ADTRAN, Inc. has a 12 month low of $18.65 and a 12 month high of $25.10.
ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Tuesday, October 17th. The communications equipment provider reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.13. The business had revenue of $185.11 million during the quarter, compared to the consensus estimate of $185.43 million. ADTRAN had a net margin of 6.05% and a return on equity of 9.05%. sell-side analysts forecast that ADTRAN, Inc. will post 0.68 earnings per share for the current fiscal year.
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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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