Jennison Associates LLC Cuts Stake in ADTRAN, Inc. (ADTN)
Jennison Associates LLC lowered its position in ADTRAN, Inc. (NASDAQ:ADTN) by 4.7% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 65,674 shares of the communications equipment provider’s stock after selling 3,268 shares during the period. Jennison Associates LLC owned approximately 0.14% of ADTRAN worth $1,356,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. State of Alaska Department of Revenue boosted its stake 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. Nordea Investment Management AB boosted its stake 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 worth $146,000 after buying an additional 800 shares during the period. SG Americas Securities LLC acquired a new stake in shares of ADTRAN during the first quarter worth $160,000. Trexquant Investment LP acquired a new stake in shares of ADTRAN during the first quarter worth $220,000. Finally, Mason Street Advisors LLC boosted its stake in shares of 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 period. 89.48% of the stock is currently owned by institutional investors.
ADTRAN, Inc. (NASDAQ ADTN) opened at 21.95 on Wednesday. The company has a market cap of $1.05 billion, a price-to-earnings ratio of 27.40 and a beta of 0.65. ADTRAN, Inc. has a 12 month low of $17.55 and a 12 month high of $24.05. The company has a 50-day moving average of $22.05 and a 200-day moving average of $20.92.
ADTRAN (NASDAQ:ADTN) last posted its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.30 EPS for the quarter, beating the consensus estimate of $0.19 by $0.11. The firm had revenue of $184.67 million during the quarter, compared to the consensus estimate of $183.05 million. ADTRAN had a return on equity of 8.39% and a net margin of 5.68%. During the same period last year, the company earned $0.21 earnings per share. Analysts predict that ADTRAN, Inc. will post $0.85 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Thursday, August 3rd were given a $0.09 dividend. The ex-dividend date was Tuesday, August 1st. This represents a $0.36 annualized dividend and a yield of 1.64%. ADTRAN’s dividend payout ratio is presently 43.90%.
ADTN has been the topic of a number of research reports. Needham & Company LLC increased their target price on shares of ADTRAN from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, July 20th. Northland Securities reissued a “buy” rating and set a $24.00 target price on shares of ADTRAN in a report on Tuesday, July 4th. Cowen and Company reissued a “market perform” rating and set a $18.00 target price (up from $16.00) on shares of ADTRAN in a report on Saturday, July 22nd. BidaskClub raised shares of ADTRAN from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, Zacks Investment Research raised shares of ADTRAN from a “hold” rating to a “strong-buy” rating and set a $25.00 price objective on the stock in a report on Friday, July 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $23.57.
In other ADTRAN news, SVP Michael Foliano sold 24,000 shares of the 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 directly owns 5,417 shares in the company, valued at $128,762.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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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