Bank of New York Mellon Corp Makes New $3.54 Million Investment in ADTRAN Holdings, Inc. $ADTN

Key Points

• Bank of New York Mellon bought 255,026 ADTRAN shares worth approximately $3.54 million, acquiring a 0.31% stake. Institutional investors collectively own 80.56% of the company.
• Analyst sentiment is mixed, with four Buy, one Hold, and two Sell ratings; the consensus rating is Hold with an average price target of $14.67.
• ADTRAN shares opened at $7.10, near their 12-month low of $7.04. The company reported quarterly EPS of $0.04 versus the $0.10 estimate and revenue of $281.15 million, although revenue increased 6% year over year.

Bank of New York Mellon Corp bought a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 255,026 shares of the communications equipment provider's stock, valued at approximately $3,545,000. Bank of New York Mellon Corp owned 0.31% of ADTRAN as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Franklin Resources Inc. boosted its holdings in ADTRAN by 1.6% in the 4th quarter. Franklin Resources Inc. now owns 79,692 shares of the communications equipment provider's stock worth $693,000 after buying an additional 1,263 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of ADTRAN by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider's stock worth $408,000 after purchasing an additional 1,946 shares in the last quarter. Occudo Quantitative Strategies LP raised its stake in ADTRAN by 3.2% in the 3rd quarter. Occudo Quantitative Strategies LP now owns 65,702 shares of the communications equipment provider's stock valued at $616,000 after purchasing an additional 2,016 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in ADTRAN by 1.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 187,814 shares of the communications equipment provider's stock worth $1,632,000 after purchasing an additional 2,068 shares during the last quarter. Finally, Creative Planning grew its holdings in shares of ADTRAN by 4.4% during the third quarter. Creative Planning now owns 66,573 shares of the communications equipment provider's stock worth $624,000 after buying an additional 2,799 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on ADTN shares. Weiss Ratings reissued a "sell (d-)" rating on shares of ADTRAN in a research note on Tuesday, June 30th. Northland Securities set a $15.00 target price on ADTRAN in a report on Wednesday, August 5th. Needham & Company LLC reduced their price target on ADTRAN from $18.00 to $14.00 and set a "buy" rating on the stock in a report on Thursday, July 23rd. Evercore set a $11.00 price objective on shares of ADTRAN in a report on Wednesday, August 5th. Finally, B. Riley Financial restated a "buy" rating and set a $21.00 price objective (down from $23.00) on shares of ADTRAN in a research report on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $14.67.

ADTRAN Price Performance

ADTN opened at $7.10 on Monday. The stock's 50-day moving average price is $9.75 and its 200 day moving average price is $12.46. ADTRAN Holdings, Inc. has a 12-month low of $7.04 and a 12-month high of $19.98. The firm has a market cap of $578.51 million, a price-to-earnings ratio of -25.36, a PEG ratio of 4.35 and a beta of 1.47. The company has a current ratio of 1.79, a quick ratio of 1.19 and a debt-to-equity ratio of 1.69.

ADTRAN (NASDAQ:ADTN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.06). The business had revenue of $281.15 million for 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%.The company's revenue was up 6.0% compared to the same quarter last year. As a group, sell-side analysts expect that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current year.

About ADTRAN

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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