Granite Investment Partners LLC Increases Stake in ADTRAN, Inc. (ADTN)
Granite Investment Partners LLC increased its position in ADTRAN, Inc. (NASDAQ:ADTN) by 2.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 530,069 shares of the communications equipment provider’s stock after buying an additional 13,585 shares during the period. Granite Investment Partners LLC’s holdings in ADTRAN were worth $10,946,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the company. State of Alaska Department of Revenue boosted 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 worth $111,000 after buying an additional 110 shares during the last quarter. Nordea Investment Management AB boosted its stake in 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 last quarter. SG Americas Securities LLC bought a new stake in ADTRAN during the first quarter worth $160,000. Trexquant Investment LP bought a new stake in ADTRAN during the first quarter worth $220,000. Finally, Mason Street Advisors LLC boosted its stake in ADTRAN by 7.3% in the first quarter. Mason Street Advisors LLC now owns 11,346 shares of the communications equipment provider’s stock worth $235,000 after buying an additional 770 shares during the last quarter. 91.05% of the stock is currently owned by hedge funds and other institutional investors.
ADTRAN, Inc. (ADTN) opened at 22.15 on Thursday. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 27.65 and a beta of 0.65. The stock’s 50 day moving average is $21.57 and its 200-day moving average is $20.93. ADTRAN, Inc. has a one year low of $17.55 and a one year high of $24.05.
ADTRAN (NASDAQ:ADTN) last released its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.30 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 for the quarter, compared to analyst estimates of $183.05 million. During the same quarter last year, the firm earned $0.21 EPS. On average, equities research analysts expect that ADTRAN, Inc. will post $0.81 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Thursday, August 3rd will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Tuesday, August 1st. ADTRAN’s dividend payout ratio is currently 43.90%.
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A number of analysts have weighed in on the stock. Needham & Company LLC boosted their target price on shares of ADTRAN from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday. Northland Securities reaffirmed a “buy” rating on shares of ADTRAN in a research note on Friday, July 21st. Argus raised shares of ADTRAN from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research note on Thursday, April 20th. MKM Partners reaffirmed a “buy” rating and set a $26.50 target price (down previously from $27.50) on shares of ADTRAN in a research note on Monday, April 24th. Finally, Cowen and Company reaffirmed a “market perform” rating and set a $18.00 target price (up previously from $16.00) on shares of ADTRAN in a research note on Saturday, July 22nd. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $23.57.
In related news, SVP Michael Foliano sold 24,000 shares of the stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $23.77, for a total transaction of $570,480.00. Following the transaction, the senior vice president now owns 5,417 shares of the company’s stock, valued at approximately $128,762.09. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.96% of the stock is currently 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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