Texas Permanent School Fund Acquires 694 Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Texas Permanent School Fund raised its holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTNGet Rating) by 2.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,503 shares of the communications equipment provider’s stock after buying an additional 694 shares during the period. Texas Permanent School Fund owned about 0.07% of ADTRAN worth $622,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its position in shares of ADTRAN by 3.3% in the first quarter. Envestnet Asset Management Inc. now owns 18,255 shares of the communications equipment provider’s stock valued at $337,000 after purchasing an additional 585 shares during the last quarter. Annex Advisory Services LLC grew its position in ADTRAN by 5.2% during the second quarter. Annex Advisory Services LLC now owns 12,796 shares of the communications equipment provider’s stock worth $224,000 after buying an additional 627 shares in the last quarter. Teacher Retirement System of Texas grew its position in ADTRAN by 7.0% during the first quarter. Teacher Retirement System of Texas now owns 10,050 shares of the communications equipment provider’s stock worth $185,000 after buying an additional 655 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in ADTRAN by 9.2% during the first quarter. Mercer Global Advisors Inc. ADV now owns 10,735 shares of the communications equipment provider’s stock worth $198,000 after buying an additional 900 shares in the last quarter. Finally, Rice Hall James & Associates LLC grew its position in ADTRAN by 0.4% during the first quarter. Rice Hall James & Associates LLC now owns 244,006 shares of the communications equipment provider’s stock worth $4,502,000 after buying an additional 900 shares in the last quarter. Institutional investors and hedge funds own 97.65% of the company’s stock.

ADTRAN Price Performance

Shares of ADTN opened at $20.52 on Tuesday. The stock has a 50-day moving average of $19.99 and a 200-day moving average of $20.46. The company has a market cap of $1.59 billion, a PE ratio of -32.06 and a beta of 1.40. ADTRAN Holdings, Inc. has a one year low of $16.30 and a one year high of $25.47.

ADTRAN Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Investors of record on Tuesday, November 22nd will be given a $0.09 dividend. The ex-dividend date is Monday, November 21st. This represents a $0.36 annualized dividend and a yield of 1.75%. ADTRAN’s payout ratio is -56.25%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. The Goldman Sachs Group upped their target price on ADTRAN from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Monday, August 8th. Rosenblatt Securities lowered their target price on ADTRAN from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Thursday, September 8th. Cowen raised their target price on ADTRAN to $34.00 in a research report on Monday, August 15th. Westpark Capital started coverage on ADTRAN in a report on Tuesday, September 13th. They set a “hold” rating for the company. Finally, Loop Capital upgraded ADTRAN from a “hold” rating to a “buy” rating and increased their price target for the stock from $21.00 to $26.00 in a report on Monday, September 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, ADTRAN presently has an average rating of “Hold” and an average price target of $29.33.

About ADTRAN

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ADTRAN Holdings, Inc, through its subsidiaries, provides end-to-end fiber networking solutions for communications service provider, enterprises, and government customers in the United States, Germany, the United Kingdom, Mexico, and internationally. It operates through two segments, Network Solutions, and Services & Support.

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Institutional Ownership by Quarter for ADTRAN (NASDAQ:ADTN)

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