Municipal Employees Retirement System of Michigan bought a new position in shares of ADTRAN, Inc. (NASDAQ:ADTN) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,510 shares of the communications equipment provider’s stock, valued at approximately $145,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. MetLife Investment Advisors LLC boosted its holdings in ADTRAN by 54.6% in the third quarter. MetLife Investment Advisors LLC now owns 37,392 shares of the communications equipment provider’s stock valued at $660,000 after purchasing an additional 13,202 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in ADTRAN by 2.2% during the third quarter. Dimensional Fund Advisors LP now owns 3,537,240 shares of the communications equipment provider’s stock valued at $62,432,000 after buying an additional 77,813 shares in the last quarter. Bank of New York Mellon Corp raised its stake in ADTRAN by 3.5% during the third quarter. Bank of New York Mellon Corp now owns 747,970 shares of the communications equipment provider’s stock valued at $13,202,000 after buying an additional 25,549 shares in the last quarter. Texas Permanent School Fund raised its stake in ADTRAN by 3.8% during the fourth quarter. Texas Permanent School Fund now owns 31,182 shares of the communications equipment provider’s stock valued at $335,000 after buying an additional 1,144 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in ADTRAN during the fourth quarter valued at approximately $143,000. Institutional investors own 89.04% of the company’s stock.
Shares of ADTN traded down $0.03 during trading hours on Friday, hitting $16.38. 173,744 shares of the company were exchanged, compared to its average volume of 506,040. The firm has a market cap of $783.13 million, a PE ratio of -34.85 and a beta of 1.36. ADTRAN, Inc. has a one year low of $10.21 and a one year high of $19.30.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be given a $0.09 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $0.36 annualized dividend and a dividend yield of 2.20%. ADTRAN’s dividend payout ratio (DPR) is presently -76.60%.
In other news, VP Roger D. Shannon sold 5,701 shares of the firm’s stock in a transaction on 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 owns 19,009 shares of the company’s stock, valued at $335,508.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.52% of the company’s stock.
A number of brokerages have recently weighed in on ADTN. ValuEngine upgraded ADTRAN from a “hold” rating to a “buy” rating in a research report on Friday, April 19th. Zacks Investment Research upgraded ADTRAN from a “sell” rating to a “hold” rating in a research report on Tuesday, March 26th. BidaskClub cut ADTRAN from a “hold” rating to a “sell” rating in a research report on Wednesday, March 27th. MKM Partners raised their target price on ADTRAN to $20.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Finally, Cowen restated a “market perform” rating and issued a $17.00 target price (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. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $18.80.
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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.
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