California Public Employees Retirement System lessened its position in ADTRAN, Inc. (NASDAQ:ADTN) by 8.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 107,024 shares of the communications equipment provider’s stock after selling 10,507 shares during the quarter. California Public Employees Retirement System’s holdings in ADTRAN were worth $1,466,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. increased its holdings in ADTRAN by 2.4% during the 4th quarter. BlackRock Inc. now owns 7,294,881 shares of the communications equipment provider’s stock worth $78,347,000 after purchasing an additional 171,075 shares during the period. Victory Capital Management Inc. boosted its position in shares of ADTRAN by 1.2% during the 1st quarter. Victory Capital Management Inc. now owns 3,158,978 shares of the communications equipment provider’s stock worth $43,278,000 after acquiring an additional 37,900 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of ADTRAN by 4.6% during the 4th quarter. Bank of New York Mellon Corp now owns 782,530 shares of the communications equipment provider’s stock worth $8,405,000 after acquiring an additional 34,560 shares in the last quarter. Norges Bank acquired a new position in shares of ADTRAN during the 4th quarter worth about $6,121,000. Finally, Geode Capital Management LLC boosted its position in shares of ADTRAN by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 561,918 shares of the communications equipment provider’s stock worth $6,034,000 after acquiring an additional 35,201 shares in the last quarter. Hedge funds and other institutional investors own 91.30% of the company’s stock.

Several research firms have recently issued reports on ADTN. BidaskClub cut ADTRAN from a “hold” rating to a “sell” rating in a research report on Wednesday, March 27th. Zacks Investment Research raised ADTRAN from a “sell” rating to a “hold” rating in a research report on Tuesday, March 26th. Cowen reaffirmed a “market perform” rating and set a $17.00 price objective (up from $14.00) on shares of ADTRAN in a research report on Monday, April 22nd. They noted that the move was a valuation call. ValuEngine raised ADTRAN from a “hold” rating to a “buy” rating in a research report on Friday, April 19th. Finally, MKM Partners upped their price objective on ADTRAN to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. ADTRAN currently has an average rating of “Buy” and a consensus target price of $19.40.

Shares of NASDAQ ADTN opened at $16.20 on Friday. The stock has a market capitalization of $784.55 million, a P/E ratio of -34.47, a PEG ratio of 15.15 and a beta of 1.35. ADTRAN, Inc. has a 52-week low of $10.21 and a 52-week high of $19.30.

ADTRAN (NASDAQ:ADTN) last announced its earnings results on Wednesday, April 17th. The communications equipment provider reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.19. The firm had revenue of $143.79 million during the quarter, compared to analysts’ expectations of $140.55 million. ADTRAN had a negative return on equity of 0.32% and a negative net margin of 1.40%. Research analysts anticipate that ADTRAN, Inc. will post 0.22 earnings per share for the current year.

In related news, VP Roger D. Shannon sold 5,701 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $17.65, for a total value of $100,622.65. Following the completion of the sale, the vice president now directly owns 19,009 shares of the company’s stock, valued at approximately $335,508.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.52% of the stock is owned by corporate insiders.

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About ADTRAN

ADTRAN, Inc provides networking and communications equipment worldwide. The company operates through two segments, Network Solutions and Services & Support. It offers access and aggregation solutions, including network management and subscriber services control and orchestration software within a SD-access architecture; SDN-controlled programmable network elements; fiber to the premises and fiber to the node (FTTN) multi-service access nodes (MSAN); fiber aggregation and FTTN MSAN; fiber to the distribution point optical network units; optical line terminals; optical networking edge aggregation; and IP digital subscriber line access multiplexers.

Further Reading: Cost of Equity For A Business, Investors

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Institutional Ownership by Quarter for ADTRAN (NASDAQ:ADTN)

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