ADTRAN (NASDAQ:ADTN) Shares Up 3%

ADTRAN Holdings, Inc. (NASDAQ:ADTNGet Rating)’s share price shot up 3% during trading on Friday . The company traded as high as $18.37 and last traded at $18.37. 55,587 shares were traded during mid-day trading, a decline of 91% from the average session volume of 620,046 shares. The stock had previously closed at $17.84.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ADTN. The Goldman Sachs Group lifted their target price on ADTRAN from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Monday, August 8th. Westpark Capital started coverage on ADTRAN in a report on Tuesday, September 13th. They set a “hold” rating for the company. Needham & Company LLC started coverage on ADTRAN in a report on Thursday, July 14th. They set a “buy” rating and a $28.00 price objective for the company. Rosenblatt Securities dropped their price objective on ADTRAN from $30.00 to $29.00 and set a “buy” rating for the company in a report on Thursday, September 8th. Finally, Cowen boosted their price objective on ADTRAN to $34.00 in a report on Monday, August 15th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, ADTRAN has a consensus rating of “Hold” and a consensus price target of $28.50.

ADTRAN Trading Up 4.2 %

The stock has a 50-day simple moving average of $22.68 and a two-hundred day simple moving average of $19.94. The firm has a market capitalization of $916.67 million, a P/E ratio of -66.39 and a beta of 1.36.

ADTRAN (NASDAQ:ADTNGet Rating) last issued its earnings results on Wednesday, August 3rd. The communications equipment provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.07. ADTRAN had a positive return on equity of 4.69% and a negative net margin of 2.20%. During the same quarter last year, the firm posted $0.14 earnings per share. As a group, research analysts expect that ADTRAN Holdings, Inc. will post 0.6 EPS for the current year.

ADTRAN Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Thursday, August 18th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend was Wednesday, August 17th. ADTRAN’s payout ratio is -128.57%.

Insider Transactions at ADTRAN

In other news, CEO Brian Protiva sold 26,501 shares of the business’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $24.64, for a total value of $652,984.64. Following the completion of the transaction, the chief executive officer now directly owns 330,609 shares of the company’s stock, valued at approximately $8,146,205.76. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.08% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ADTN. First Trust Advisors LP increased its position in ADTRAN by 4.1% during the 4th quarter. First Trust Advisors LP now owns 28,839 shares of the communications equipment provider’s stock valued at $658,000 after buying an additional 1,131 shares in the last quarter. White Pine Capital LLC boosted its stake in shares of ADTRAN by 1.9% in the first quarter. White Pine Capital LLC now owns 103,168 shares of the communications equipment provider’s stock worth $1,903,000 after buying an additional 1,890 shares during the last quarter. JPMorgan Chase & Co. boosted its position in ADTRAN by 779.4% during the fourth quarter. JPMorgan Chase & Co. now owns 2,013,217 shares of the communications equipment provider’s stock worth $45,962,000 after purchasing an additional 1,784,289 shares in the last quarter. 1492 Capital Management LLC purchased a new position in ADTRAN during the fourth quarter worth approximately $3,248,000. Finally, Bank of America Corp DE boosted its position in ADTRAN by 13.8% during the fourth quarter. Bank of America Corp DE now owns 258,538 shares of the communications equipment provider’s stock worth $5,903,000 after purchasing an additional 31,447 shares in the last quarter. 97.65% of the stock is owned by institutional investors.

About ADTRAN

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ADTRAN Holdings, Inc develops and provides network access solutions. It is a global provider of open, disaggregated networking and communications equipment that enable voice, data, video and internet communications across any network infrastructure. The company was founded in 1985 and is headquartered in Huntsville, AL.

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