First Midwest Bank Trust Division boosted its stake in shares of ADTRAN, Inc. (NASDAQ:ADTN) by 2.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 20,828 shares of the communications equipment provider’s stock after buying an additional 518 shares during the period. First Midwest Bank Trust Division’s holdings in ADTRAN were worth $430,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in ADTN. BlackRock Inc. boosted its stake in ADTRAN by 75,959.4% in the first quarter. BlackRock Inc. now owns 5,930,353 shares of the communications equipment provider’s stock valued at $123,054,000 after buying an additional 5,922,556 shares during the last quarter. Norges Bank purchased a new stake in ADTRAN during the fourth quarter valued at approximately $8,783,000. Victory Capital Management Inc. boosted its stake in ADTRAN by 10.2% in the first quarter. Victory Capital Management Inc. now owns 3,835,026 shares of the communications equipment provider’s stock valued at $79,577,000 after buying an additional 356,159 shares during the last quarter. Vanguard Group Inc. boosted its stake in ADTRAN by 6.0% in the first quarter. Vanguard Group Inc. now owns 4,434,998 shares of the communications equipment provider’s stock valued at $92,026,000 after buying an additional 252,733 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in ADTRAN by 6.4% in 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 buying an additional 172,439 shares during the last quarter. Hedge funds and other institutional investors own 90.07% of the company’s stock.
ADTRAN, Inc. (NASDAQ ADTN) opened at 21.60 on Friday. ADTRAN, Inc. has a 52-week low of $17.55 and a 52-week high of $24.05. The firm’s 50 day moving average price is $21.91 and its 200 day moving average price is $20.92. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 26.97 and a beta of 0.65.
ADTRAN (NASDAQ:ADTN) last released 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. ADTRAN had a return on equity of 8.39% and a net margin of 5.68%. The business had revenue of $184.67 million during the quarter, compared to the consensus estimate of $183.05 million. During the same period last year, the business posted $0.21 earnings per share. Equities research analysts anticipate that ADTRAN, Inc. will post $0.81 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Thursday, August 3rd were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date was Tuesday, August 1st. ADTRAN’s dividend payout ratio is currently 43.90%.
Several equities research analysts have commented on ADTN shares. Zacks Investment Research upgraded ADTRAN from a “hold” rating to a “strong-buy” rating and set a $25.00 target price on the stock in a research note on Friday, July 21st. Northland Securities restated a “buy” rating and issued a $24.00 target price on shares of ADTRAN in a research note on Tuesday, July 4th. Cowen and Company restated a “market perform” rating and issued a $18.00 target price (up previously from $16.00) on shares of ADTRAN in a research note on Saturday, July 22nd. MKM Partners reaffirmed a “buy” rating and set a $26.50 price target (down previously from $27.50) on shares of ADTRAN in a research report on Monday, April 24th. Finally, Needham & Company LLC boosted their price target on ADTRAN from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $23.57.
In other ADTRAN news, SVP Michael Foliano sold 24,000 shares of the firm’s stock in a transaction 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 completion of the sale, the senior vice president now directly owns 5,417 shares of the company’s stock, valued at $128,762.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.96% of the company’s stock.
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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