Credit Suisse AG cut its position in shares of ADTRAN, Inc. (NASDAQ:ADTN) by 13.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 65,584 shares of the communications equipment provider’s stock after selling 10,052 shares during the period. Credit Suisse AG’s holdings in ADTRAN were worth $1,360,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. State of Alaska Department of Revenue boosted its position in shares of 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 worth $111,000 after buying an additional 110 shares during the period. Municipal Employees Retirement System of Michigan boosted its position in shares of ADTRAN by 1.2% in the first quarter. Municipal Employees Retirement System of Michigan now owns 14,670 shares of the communications equipment provider’s stock worth $304,000 after buying an additional 180 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of ADTRAN by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 19,800 shares of the communications equipment provider’s stock worth $411,000 after buying an additional 300 shares during the period. Arizona State Retirement System boosted its position in shares of ADTRAN by 1.2% in the first quarter. Arizona State Retirement System now owns 25,245 shares of the communications equipment provider’s stock worth $524,000 after buying an additional 300 shares during the period. Finally, Eqis Capital Management Inc. boosted its position in shares of ADTRAN by 2.9% in the first quarter. Eqis Capital Management Inc. now owns 13,167 shares of the communications equipment provider’s stock worth $273,000 after buying an additional 369 shares during the period. Hedge funds and other institutional investors own 90.07% of the company’s stock.

ADTRAN, Inc. (NASDAQ ADTN) traded up 0.346% on Wednesday, reaching $21.775. 16,151 shares of the company’s stock traded hands. ADTRAN, Inc. has a 52 week low of $17.55 and a 52 week high of $24.05. The firm has a market capitalization of $1.04 billion, a P/E ratio of 27.185 and a beta of 0.65. The stock has a 50-day moving average of $21.80 and a 200 day moving average of $20.91.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.11. ADTRAN had a net margin of 5.68% and a return on equity of 8.39%. The company had revenue of $184.67 million during the quarter, compared to the consensus estimate of $183.05 million. During the same quarter last year, the company earned $0.21 earnings per share. On average, equities analysts expect that ADTRAN, Inc. will post $0.81 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Thursday, August 3rd will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Tuesday, August 1st. ADTRAN’s dividend payout ratio (DPR) is 43.90%.

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A number of research analysts recently weighed in on the stock. Needham & Company LLC lifted their price objective on shares of ADTRAN from $24.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, July 20th. Zacks Investment Research upgraded shares of ADTRAN from a “hold” rating to a “strong-buy” rating and set a $25.00 price objective for the company in a report on Friday, July 21st. Northland Securities restated a “buy” rating and issued a $24.00 price objective on shares of ADTRAN in a report on Tuesday, July 4th. Argus upgraded shares of ADTRAN from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a report on Thursday, April 20th. Finally, Cowen and Company reiterated a “market perform” rating and set a $18.00 price target (up previously from $16.00) on shares of ADTRAN in a report on Saturday, July 22nd. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $23.57.

In other ADTRAN news, SVP Michael Foliano sold 24,000 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were 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 owns 5,417 shares of the company’s stock, valued at $128,762.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.96% of the stock is owned by company insiders.

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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Institutional Ownership by Quarter for ADTRAN (NASDAQ:ADTN)

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