Renaissance Technologies LLC Has $33.46 Million Stake in ADTRAN, Inc. (ADTN)
Renaissance Technologies LLC grew its position in ADTRAN, Inc. (NASDAQ:ADTN) by 25.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,620,128 shares of the communications equipment provider’s stock after purchasing an additional 328,600 shares during the period. Renaissance Technologies LLC owned about 3.37% of ADTRAN worth $33,456,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in ADTN. Nordea Investment Management AB raised its holdings 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 valued at $146,000 after purchasing an additional 800 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of ADTRAN in the first quarter valued at about $160,000. State of Alaska Department of Revenue raised its holdings in shares of ADTRAN by 78.0% in the second quarter. State of Alaska Department of Revenue now owns 9,524 shares of the communications equipment provider’s stock valued at $196,000 after purchasing an additional 4,174 shares during the last quarter. Suntrust Banks Inc. purchased a new stake in shares of ADTRAN in the second quarter valued at about $208,000. Finally, Trexquant Investment LP purchased a new stake in shares of ADTRAN in the first quarter valued at about $220,000. Institutional investors own 89.46% of the company’s stock.
ADTRAN, Inc. (ADTN) opened at 24.50 on Thursday. ADTRAN, Inc. has a 52-week low of $17.55 and a 52-week high of $24.60. The company has a market cap of $1.17 billion, a price-to-earnings ratio of 30.59 and a beta of 0.75. The company’s 50-day moving average is $22.45 and its 200 day moving average is $21.14.
ADTRAN (NASDAQ:ADTN) last issued its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.30 earnings per share 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 analyst estimates of $183.05 million. During the same quarter in the previous year, the firm earned $0.21 EPS. Equities analysts forecast that ADTRAN, Inc. will post $0.85 earnings per share for the current fiscal year.
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Several brokerages have recently commented on ADTN. BidaskClub downgraded shares of ADTRAN from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 16th. Zacks Investment Research upgraded shares of ADTRAN from a “hold” rating to a “strong-buy” rating and set a $25.00 price target for the company in a research report on Friday, July 21st. Needham & Company LLC increased their price target on shares of ADTRAN from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, July 20th. Northland Securities restated a “buy” rating and set a $24.00 price target on shares of ADTRAN in a research report on Tuesday, July 4th. Finally, Cowen and Company restated a “market perform” rating and set a $18.00 price target (up previously from $16.00) on shares of ADTRAN in a research report on Saturday, July 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $24.14.
In other ADTRAN news, SVP Michael Foliano sold 24,000 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president now owns 5,417 shares of the company’s stock, valued at approximately $128,762.09. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.96% of the stock is currently owned by insiders.
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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