260,400 Shares in ADTRAN Holdings, Inc. $ADTN Purchased by Wolverine Asset Management LLC

Wolverine Asset Management LLC acquired a new position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 260,400 shares of the communications equipment provider’s stock, valued at approximately $2,443,000. Wolverine Asset Management LLC owned 0.33% of ADTRAN as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the business. Cape Investment Advisory Inc. purchased a new position in ADTRAN in the second quarter valued at about $27,000. State of Alaska Department of Revenue bought a new stake in shares of ADTRAN in the 3rd quarter valued at approximately $36,000. New York State Teachers Retirement System acquired a new position in ADTRAN in the second quarter worth approximately $65,000. Park Avenue Securities LLC bought a new position in ADTRAN during the second quarter valued at approximately $91,000. Finally, Vident Advisory LLC acquired a new stake in ADTRAN in the second quarter valued at approximately $130,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $12.00 price target on shares of ADTRAN in a report on Tuesday, November 25th. Rosenblatt Securities reaffirmed a “buy” rating and set a $11.00 price objective on shares of ADTRAN in a report on Wednesday, November 5th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of ADTRAN in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $13.00.

Insiders Place Their Bets

In other ADTRAN news, CFO Timothy P. Santo acquired 6,150 shares of the company’s stock in a transaction on Friday, November 28th. The shares were purchased at an average price of $8.02 per share, for a total transaction of $49,323.00. Following the completion of the purchase, the chief financial officer directly owned 26,594 shares of the company’s stock, valued at approximately $213,283.88. This represents a 30.08% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas R. Stanton acquired 40,928 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was bought at an average price of $7.33 per share, for a total transaction of $300,002.24. Following the completion of the acquisition, the chief executive officer owned 982,096 shares of the company’s stock, valued at approximately $7,198,763.68. The trade was a 4.35% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 59,937 shares of company stock valued at $449,754 in the last 90 days. 1.50% of the stock is currently owned by insiders.

ADTRAN Stock Performance

Shares of ADTN opened at $9.25 on Friday. ADTRAN Holdings, Inc. has a twelve month low of $6.93 and a twelve month high of $12.44. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.23 and a current ratio of 1.96. The firm’s 50 day moving average price is $8.40 and its two-hundred day moving average price is $8.99. The firm has a market cap of $741.07 million, a P/E ratio of -8.64 and a beta of 1.35.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings results on Tuesday, November 4th. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). ADTRAN had a negative net margin of 8.44% and a negative return on equity of 4.63%. The firm had revenue of $279.44 million during the quarter, compared to analyst estimates of $274.60 million. During the same period in the prior year, the business earned ($0.05) EPS. The business’s revenue for the quarter was up 22.7% compared to the same quarter last year. On average, analysts forecast that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

About ADTRAN

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.