BidaskClub Upgrades ADTRAN, Inc. (ADTN) to “Sell”
BidaskClub upgraded shares of ADTRAN, Inc. (NASDAQ:ADTN) from a strong sell rating to a sell rating in a research report released on Saturday morning.
Several other equities analysts have also weighed in on ADTN. Needham & Company LLC lifted their price target on ADTRAN from $25.00 to $26.00 and gave the company a buy rating in a research note on Thursday, August 10th. Northland Securities restated a buy rating on shares of ADTRAN in a report on Friday, July 21st. Cowen and Company restated a market perform rating and set a $18.00 target price (up from $16.00) on shares of ADTRAN in a report on Saturday, July 22nd. Finally, 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 report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $23.57.
ADTRAN (ADTN) opened at 21.95 on Friday. ADTRAN has a 52 week low of $17.55 and a 52 week high of $24.05. The company has a market cap of $1.05 billion, a P/E ratio of 27.40 and a beta of 0.65. The firm has a 50-day moving average price of $22.05 and a 200-day moving average price of $20.92.
ADTRAN (NASDAQ:ADTN) last released its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.11. The business had revenue of $184.67 million during the quarter, compared to analyst estimates of $183.05 million. ADTRAN had a return on equity of 10.30% and a net margin of 6.72%. During the same quarter last year, the business posted $0.21 EPS. Equities research analysts anticipate that ADTRAN will post $0.85 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Thursday, August 3rd were paid a dividend of $0.09 per share. The ex-dividend date was Tuesday, August 1st. This represents a $0.36 annualized dividend and a dividend yield of 1.64%. ADTRAN’s dividend payout ratio (DPR) is 43.90%.
In related news, SVP Michael Foliano sold 24,000 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $23.77, for a total transaction of $570,480.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.96% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of ADTN. State of Alaska Department of Revenue raised its stake in ADTRAN by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 5,350 shares of the communications equipment provider’s stock valued at $111,000 after buying an additional 110 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of ADTRAN by 5.8% in the second quarter. Public Employees Retirement System of Ohio now owns 6,804 shares of the communications equipment provider’s stock worth $141,000 after buying an additional 373 shares during the period. Nordea Investment Management AB raised its stake in shares of ADTRAN by 12.8% in the first quarter. Nordea Investment Management AB now owns 7,059 shares of the communications equipment provider’s stock worth $146,000 after buying an additional 800 shares during the period. SG Americas Securities LLC purchased a new stake in shares of ADTRAN during the first quarter worth about $160,000. Finally, Suntrust Banks Inc. purchased a new stake in shares of ADTRAN during the second quarter worth about $208,000. 89.48% of the stock is owned by institutional investors.
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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