Connor Clark & Lunn Investment Management Ltd. Raises Stock Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in ADTRAN Holdings, Inc. by 310.7% during the first quarter, now owning approximately 0.21% of the company valued at $1,461,000.
• ADTRAN reported a revenue increase of 17.3% year-over-year, with quarterly revenue of $265.07 million, but had a net loss of ($0.26) EPS for the quarter, missing estimates.
• Analysts have rated ADTRAN with a consensus of "Moderate Buy" and an average price target of $12.00, despite some recent downgrades and lower price objectives from other firms.

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 310.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 167,590 shares of the communications equipment provider's stock after purchasing an additional 126,783 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.21% of ADTRAN worth $1,461,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in ADTRAN by 7.6% during the 1st quarter. Vanguard Group Inc. now owns 7,093,931 shares of the communications equipment provider's stock valued at $61,859,000 after purchasing an additional 501,512 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in shares of ADTRAN in the 4th quarter worth about $12,921,000. Royce & Associates LP grew its position in shares of ADTRAN by 188.5% in the 1st quarter. Royce & Associates LP now owns 1,406,500 shares of the communications equipment provider's stock worth $12,265,000 after buying an additional 919,000 shares during the period. Northern Trust Corp grew its position in shares of ADTRAN by 5.8% in the 4th quarter. Northern Trust Corp now owns 681,878 shares of the communications equipment provider's stock worth $5,680,000 after buying an additional 37,311 shares during the period. Finally, Bank of America Corp DE grew its position in shares of ADTRAN by 20.2% in the 4th quarter. Bank of America Corp DE now owns 634,013 shares of the communications equipment provider's stock worth $5,281,000 after buying an additional 106,601 shares during the period. 80.56% of the stock is owned by hedge funds and other institutional investors.

ADTRAN Stock Performance

Shares of ADTN stock opened at $8.84 on Friday. ADTRAN Holdings, Inc. has a one year low of $4.93 and a one year high of $12.44. The company's 50-day moving average is $8.88 and its 200 day moving average is $8.91. The company has a market capitalization of $707.02 million, a price-to-earnings ratio of -6.75 and a beta of 1.30. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.19 and a current ratio of 1.96.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The communications equipment provider reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). ADTRAN had a negative net margin of 11.02% and a negative return on equity of 10.09%. The firm had revenue of $265.07 million for the quarter, compared to analysts' expectations of $255.57 million. During the same period last year, the company posted ($0.24) earnings per share. The business's revenue for the quarter was up 17.3% compared to the same quarter last year. Sell-side analysts expect that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADTN has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of ADTRAN from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 10th. Rosenblatt Securities lowered their price objective on ADTRAN from $15.00 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Wolfe Research started coverage on ADTRAN in a research note on Monday, July 7th. They set a "peer perform" rating for the company. Finally, Needham & Company LLC lowered their price objective on ADTRAN from $14.00 to $12.00 and set a "buy" rating for the company in a research note on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, ADTRAN has a consensus rating of "Moderate Buy" and an average price target of $12.00.

ADTRAN Company Profile

ADTRAN Holdings, Inc, through its subsidiaries, provides networking and communications platforms, software, systems, and services in the United States, Germany, the United Kingdom, and internationally. It operates through two segments, Network Solutions, and Services & Support. It offers residential gateways; ethernet passive optical network ONUs; gigabit passive optical network/XGS-PON ONTs; traditional SSE, routers, and switches; edge cloud; carrier ethernet network interface devices; Optical Line Terminals; Packet Aggregation, Copper Access, and Oscilloquartz; optical transport and engine solutions; infrastructure monitoring solution; and training, professional, software, and managed services.

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