Lazard Asset Management LLC Takes Position in ADTRAN, Inc. (NASDAQ:ADTN)

Lazard Asset Management LLC acquired a new stake in ADTRAN, Inc. (NASDAQ:ADTN) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,000 shares of the communications equipment provider’s stock, valued at approximately $247,000.

Other institutional investors have also made changes to their positions in the company. Captrust Financial Advisors lifted its position in shares of ADTRAN by 118.8% in the first quarter. Captrust Financial Advisors now owns 6,773 shares of the communications equipment provider’s stock valued at $113,000 after acquiring an additional 3,678 shares in the last quarter. Homrich & Berg purchased a new stake in shares of ADTRAN in the second quarter worth about $205,000. Vident Investment Advisory LLC purchased a new stake in shares of ADTRAN in the first quarter worth about $218,000. Envestnet Asset Management Inc. purchased a new stake in shares of ADTRAN in the second quarter worth about $221,000. Finally, Teachers Retirement System of The State of Kentucky lifted its position in shares of ADTRAN by 51.4% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 13,547 shares of the communications equipment provider’s stock worth $226,000 after buying an additional 4,600 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

A number of equities research analysts recently commented on the company. The Goldman Sachs Group boosted their target price on ADTRAN from $20.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, August 6th. Cowen raised ADTRAN from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $22.17 to $29.00 in a research note on Friday, August 6th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $22.14.

ADTN opened at $18.77 on Thursday. The stock has a market cap of $911.51 million, a price-to-earnings ratio of 52.14 and a beta of 1.40. The stock’s 50 day moving average price is $20.76 and its 200-day moving average price is $20.00. ADTRAN, Inc. has a one year low of $10.66 and a one year high of $24.76.

ADTRAN (NASDAQ:ADTN) last released its earnings results on Tuesday, August 3rd. The communications equipment provider reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. The firm had revenue of $143.23 million for the quarter, compared to analysts’ expectations of $142.20 million. ADTRAN had a return on equity of 6.02% and a net margin of 3.29%. As a group, sell-side analysts expect that ADTRAN, Inc. will post 0.44 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 2nd. Investors of record on Thursday, August 19th were paid a $0.09 dividend. The ex-dividend date was Wednesday, August 18th. This represents a $0.36 annualized dividend and a yield of 1.92%. ADTRAN’s dividend payout ratio (DPR) is currently 225.00%.

ADTRAN Company Profile

ADTRAN, Inc engages in the provision of networking and communications platforms and services focused on the broadband access market. It operates through the Network Solutions and Services and Support business segment. The Network Solutions segment includes hardware products and next-generation virtualized solutions used in service provider or business networks, as well as prior-generation products.

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Institutional Ownership by Quarter for ADTRAN (NASDAQ:ADTN)

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