Heartland Advisors Inc. Acquires Shares of 750,000 ADTRAN Holdings, Inc. $ADTN

Key Points

• Heartland Advisors Inc. disclosed a new first-quarter position in ADTRAN Holdings, buying 750,000 shares worth about $9.44 million. The stake represented roughly 0.93% of the company.
• ADTRAN’s stock was trading around $11.65 after a slight decline, with the company carrying a market cap of about $943.65 million. The shares remain well below the 52-week high of $19.98.
• For its latest quarter, ADTRAN reported EPS of $0.14, beating estimates, and revenue of $286.09 million, up 15.5% year over year. Analysts currently view the stock as a Moderate Buy with an average price target of $18.00.

Heartland Advisors Inc. bought a new position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 750,000 shares of the communications equipment provider's stock, valued at approximately $9,435,000. Heartland Advisors Inc. owned approximately 0.93% of ADTRAN as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Quarry LP acquired a new stake in shares of ADTRAN in the third quarter valued at approximately $36,000. Kestra Advisory Services LLC bought a new position in ADTRAN during the 4th quarter worth $36,000. ST Germain D J Co. Inc. raised its holdings in ADTRAN by 100.0% in the 4th quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider's stock valued at $43,000 after acquiring an additional 2,500 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of ADTRAN during the 4th quarter valued at $47,000. Finally, Freestone Grove Partners LP acquired a new stake in shares of ADTRAN during the 4th quarter worth $87,000. Institutional investors and hedge funds own 80.56% of the company's stock.

ADTRAN Trading Down 0.5%

ADTN opened at $11.65 on Friday. The company has a market cap of $943.65 million, a P/E ratio of -29.87 and a beta of 1.44. The company has a current ratio of 1.77, a quick ratio of 1.18 and a debt-to-equity ratio of 1.59. The company's 50 day moving average is $14.75 and its 200-day moving average is $12.67. ADTRAN Holdings, Inc. has a 1-year low of $7.11 and a 1-year high of $19.98.

ADTRAN (NASDAQ:ADTN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, beating the consensus estimate of $0.09 by $0.05. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. The business had revenue of $286.09 million during the quarter, compared to the consensus estimate of $285.48 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The firm's revenue was up 15.5% compared to the same quarter last year. Equities research analysts predict that ADTRAN Holdings, Inc. will post 0.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Evercore began coverage on shares of ADTRAN in a research report on Tuesday, April 14th. They set an "outperform" rating and a $18.00 price objective for the company. B. Riley Financial restated a "buy" rating on shares of ADTRAN in a research report on Friday, May 1st. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price target on shares of ADTRAN in a report on Wednesday, May 6th. Weiss Ratings restated a "sell (d-)" rating on shares of ADTRAN in a research report on Tuesday, June 30th. Finally, Rosenblatt Securities upped their target price on ADTRAN from $16.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, ADTRAN presently has an average rating of "Moderate Buy" and an average price target of $18.00.

ADTRAN 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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