Empowered Funds LLC Acquires New Stake in ADTRAN Holdings, Inc. $ADTN

Key Points

• Empowered Funds LLC acquired 184,606 ADTRAN shares worth approximately $2.57 million during the second quarter, representing about 0.23% of the company. Institutional investors collectively own 80.56% of ADTRAN.
• 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, despite recent target reductions.
• ADTRAN shares opened at $7.52, near their 52-week low, after the company missed quarterly earnings and revenue estimates. Quarterly EPS was $0.04 versus a $0.10 consensus, while revenue rose 6% year over year to $281.15 million.

Empowered Funds LLC bought a new position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 184,606 shares of the communications equipment provider's stock, valued at approximately $2,566,000. Empowered Funds LLC owned approximately 0.23% of ADTRAN at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ADTN. AQR Capital Management LLC increased its stake in ADTRAN by 253.7% during the first quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider's stock worth $3,039,000 after purchasing an additional 249,954 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of ADTRAN by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider's stock valued at $408,000 after purchasing an additional 1,946 shares during the period. Legal & General Group Plc boosted its stake in shares of ADTRAN by 13.9% in the second quarter. Legal & General Group Plc now owns 113,480 shares of the communications equipment provider's stock valued at $1,018,000 after purchasing an additional 13,821 shares during the period. American Century Companies Inc. grew its holdings in shares of ADTRAN by 11.2% in the second quarter. American Century Companies Inc. now owns 224,015 shares of the communications equipment provider's stock valued at $2,009,000 after purchasing an additional 22,524 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in ADTRAN by 17.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 88,384 shares of the communications equipment provider's stock worth $793,000 after buying an additional 13,222 shares during the period. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADTN has been the topic of a number of research reports. B. Riley Financial reiterated a "buy" rating and set a $21.00 target price (down from $23.00) on shares of ADTRAN in a report on Thursday, July 23rd. Needham & Company LLC cut their price objective on ADTRAN from $18.00 to $14.00 and set a "buy" rating on the stock in a research report on Thursday, July 23rd. Wall Street Zen cut ADTRAN from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Evercore set a $11.00 target price on ADTRAN in a report on Wednesday, August 5th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of ADTRAN in a research note on Tuesday, June 30th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $14.67.

ADTRAN Stock Up 0.7%

Shares of NASDAQ:ADTN opened at $7.52 on Thursday. The firm's 50 day moving average price is $10.01 and its 200 day moving average price is $12.50. The stock has a market cap of $612.74 million, a price-to-earnings ratio of -26.86, a price-to-earnings-growth ratio of 4.57 and a beta of 1.47. ADTRAN Holdings, Inc. has a fifty-two week low of $7.11 and a fifty-two week high of $19.98. The company has a quick ratio of 1.19, a current ratio of 1.79 and a debt-to-equity ratio of 1.69.

ADTRAN (NASDAQ:ADTN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.06). ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%.The firm had revenue of $281.15 million for the quarter, compared to analyst estimates of $290.19 million. The company's revenue was up 6.0% on a year-over-year basis. As a group, equities research analysts predict that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current fiscal year.

ADTRAN Company Profile

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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