Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 629,119 shares of the communications equipment provider's stock, valued at approximately $8,745,000. Connor Clark & Lunn Investment Management Ltd. owned 0.77% of ADTRAN at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Tieton Capital Management LLC bought a new position in shares of ADTRAN in the second quarter valued at approximately $7,931,000. William Blair Investment Management LLC bought a new stake in ADTRAN during the 2nd quarter worth approximately $15,276,000. Arrowstreet Capital Limited Partnership increased its holdings in ADTRAN by 60.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 455,647 shares of the communications equipment provider's stock worth $5,732,000 after acquiring an additional 171,145 shares during the period. Heartland Advisors Inc. purchased a new stake in ADTRAN in the 1st quarter worth approximately $9,435,000. Finally, Sei Investments Co. lifted its stake in ADTRAN by 162.0% in the 1st quarter. Sei Investments Co. now owns 1,105,110 shares of the communications equipment provider's stock worth $13,902,000 after purchasing an additional 683,262 shares in the last quarter. 80.56% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts have recently commented on the stock. Craig Hallum set a $12.00 price target on shares of ADTRAN in a research report on Wednesday, August 5th. Rosenblatt Securities lowered their price objective on ADTRAN from $20.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Northland Securities set a $15.00 price objective on ADTRAN in a research note on Wednesday, August 5th. Zacks Research cut ADTRAN from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 4th. Finally, Evercore set a $11.00 target price on ADTRAN in a research report on Wednesday, August 5th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $14.67.
View Our Latest Report on ADTRAN
ADTRAN Trading Down 1.4%
Shares of ADTN opened at $7.91 on Thursday. ADTRAN Holdings, Inc. has a 1-year low of $7.11 and a 1-year high of $19.98. The company has a market capitalization of $644.51 million, a P/E ratio of -28.25 and a beta of 1.47. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.79 and a quick ratio of 1.19. The firm's 50 day simple moving average is $10.74 and its 200 day simple moving average is $12.59.
ADTRAN (NASDAQ:ADTN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.06). The company had revenue of $281.15 million during the quarter, compared to analysts' expectations of $290.19 million. ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%.ADTRAN's revenue was up 6.0% on a year-over-year basis. Sell-side analysts forecast that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current fiscal year.
ADTRAN Profile
(
Free Report)
ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.
The company's product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.
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