Verition Fund Management LLC acquired a new position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN – Get Rating) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 33,066 shares of the communications equipment provider’s stock, valued at approximately $610,000.
Several other large investors have also modified their holdings of ADTN. JPMorgan Chase & Co. lifted its holdings in shares of ADTRAN by 779.4% during the 4th quarter. JPMorgan Chase & Co. now owns 2,013,217 shares of the communications equipment provider’s stock worth $45,962,000 after acquiring an additional 1,784,289 shares during the period. Berry Street Capital Management LLP lifted its holdings in shares of ADTRAN by 147.1% during the 1st quarter. Berry Street Capital Management LLP now owns 200,000 shares of the communications equipment provider’s stock worth $3,690,000 after acquiring an additional 625,000 shares during the period. Shellback Capital LP lifted its holdings in shares of ADTRAN by 101.1% during the 1st quarter. Shellback Capital LP now owns 932,811 shares of the communications equipment provider’s stock worth $17,210,000 after acquiring an additional 469,042 shares during the period. Cinctive Capital Management LP purchased a new position in shares of ADTRAN during the 4th quarter worth about $9,406,000. Finally, Weiss Multi Strategy Advisers LLC lifted its holdings in shares of ADTRAN by 398.6% during the 4th quarter. Weiss Multi Strategy Advisers LLC now owns 498,623 shares of the communications equipment provider’s stock worth $11,384,000 after acquiring an additional 398,623 shares during the period. 97.65% of the stock is currently owned by hedge funds and other institutional investors.
ADTRAN Trading Down 0.8 %
ADTN stock opened at $18.67 on Friday. ADTRAN Holdings, Inc. has a twelve month low of $16.30 and a twelve month high of $25.47. The company has a market capitalization of $920.71 million, a P/E ratio of -66.68 and a beta of 1.36. The firm has a 50 day simple moving average of $22.60 and a 200-day simple moving average of $19.91.
ADTRAN Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Thursday, August 18th were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend was Wednesday, August 17th. ADTRAN’s dividend payout ratio (DPR) is presently -128.57%.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the stock. The Goldman Sachs Group raised their price target on shares of ADTRAN from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Monday, August 8th. Cowen raised their price target on shares of ADTRAN to $34.00 in a report on Monday, August 15th. Rosenblatt Securities cut their price target on shares of ADTRAN from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, September 8th. Needham & Company LLC assumed coverage on shares of ADTRAN in a report on Thursday, July 14th. They issued a “buy” rating and a $28.00 price target on the stock. Finally, Westpark Capital assumed coverage on shares of ADTRAN in a report on Tuesday, September 13th. They issued a “hold” rating on the stock. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, ADTRAN presently has a consensus rating of “Hold” and an average target price of $28.50.
Insider Buying and Selling
In related news, CEO Brian Protiva sold 26,501 shares of the firm’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $24.64, for a total transaction of $652,984.64. Following the transaction, the chief executive officer now directly owns 330,609 shares in the company, valued at $8,146,205.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.08% of the stock is currently owned by company insiders.
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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