New York State Teachers Retirement System reduced its holdings in ADTRAN, Inc. (NASDAQ:ADTN) by 2.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 138,153 shares of the communications equipment provider’s stock after selling 4,010 shares during the quarter. New York State Teachers Retirement System’s holdings in ADTRAN were worth $2,107,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. FIL Ltd raised its holdings in ADTRAN by 2.9% during the first quarter. FIL Ltd now owns 1,482,603 shares of the communications equipment provider’s stock valued at $20,311,000 after buying an additional 41,500 shares in the last quarter. Ontario Teachers Pension Plan Board bought a new position in ADTRAN during the first quarter valued at about $272,000. Tieton Capital Management LLC raised its holdings in ADTRAN by 14.3% during the first quarter. Tieton Capital Management LLC now owns 264,512 shares of the communications equipment provider’s stock valued at $3,624,000 after buying an additional 33,068 shares in the last quarter. BBT Capital Management LLC bought a new position in ADTRAN during the first quarter valued at about $551,000. Finally, Royce & Associates LP raised its holdings in ADTRAN by 2.8% during the first quarter. Royce & Associates LP now owns 407,614 shares of the communications equipment provider’s stock valued at $5,584,000 after buying an additional 11,220 shares in the last quarter. Hedge funds and other institutional investors own 91.44% of the company’s stock.
Several equities analysts have weighed in on ADTN shares. Cowen restated a “market perform” rating and set a $17.00 target price (up from $14.00) on shares of ADTRAN in a report on Monday, April 22nd. They noted that the move was a valuation call. ValuEngine raised ADTRAN from a “sell” rating to a “hold” rating in a research report on Thursday. Zacks Investment Research raised ADTRAN from a “hold” rating to a “strong-buy” rating and set a $19.00 price target on the stock in a research report on Wednesday, May 22nd. BidaskClub downgraded ADTRAN from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 24th. Finally, MKM Partners lowered their price target on ADTRAN to $17.00 and set a “buy” rating on the stock in a research report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $18.80.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend is Wednesday, July 31st. ADTRAN’s dividend payout ratio is currently -76.60%.
ADTRAN Company Profile
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: Straddles
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