Hillsdale Investment Management Inc. Sells 471,350 Shares of ADTRAN Holdings, Inc. $ADTN

Key Points

• Hillsdale Investment Management sharply reduced its ADTRAN position in the first quarter, selling 471,350 shares and cutting its stake by 95.4% to 22,900 shares worth about $288,000.
• ADTRAN reported better-than-expected quarterly results, posting EPS of $0.14 versus the $0.09 estimate and revenue of $286.09 million, up 15.5% from a year earlier.
• Analysts remain cautiously positive on ADTN, with an average rating of “Moderate Buy” and a consensus price target of $18.00, while the stock recently traded around $11.65.

Hillsdale Investment Management Inc. decreased its stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 95.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,900 shares of the communications equipment provider's stock after selling 471,350 shares during the period. Hillsdale Investment Management Inc.'s holdings in ADTRAN were worth $288,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Millennium Management LLC boosted its holdings in ADTRAN by 371.2% in the fourth quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider's stock valued at $23,418,000 after acquiring an additional 2,122,844 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in ADTRAN during the 3rd quarter worth approximately $10,168,000. Paradigm Capital Management Inc. NY lifted its position in shares of ADTRAN by 527.7% in the 4th quarter. Paradigm Capital Management Inc. NY now owns 1,129,909 shares of the communications equipment provider's stock worth $9,819,000 after purchasing an additional 949,909 shares during the period. Schonfeld Strategic Advisors LLC boosted its stake in shares of ADTRAN by 5,809.7% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 786,823 shares of the communications equipment provider's stock valued at $7,380,000 after purchasing an additional 773,509 shares during the last quarter. Finally, Tudor Investment Corp ET AL boosted its stake in shares of ADTRAN by 434.2% in the 3rd quarter. Tudor Investment Corp ET AL now owns 897,115 shares of the communications equipment provider's stock valued at $8,415,000 after purchasing an additional 729,194 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors.

ADTRAN Stock Down 0.5%

ADTRAN stock opened at $11.65 on Friday. The company has a market capitalization of $943.65 million, a PE ratio of -29.87 and a beta of 1.44. ADTRAN Holdings, Inc. has a 12-month low of $7.11 and a 12-month high of $19.98. The firm's fifty day moving average is $14.75 and its 200 day moving average is $12.67. The company has a quick ratio of 1.18, a current ratio of 1.77 and a debt-to-equity ratio of 1.59.

ADTRAN (NASDAQ:ADTN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share 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 firm had revenue of $286.09 million during the quarter, compared to the consensus estimate of $285.48 million. During the same period in the previous year, the firm posted $0.03 earnings per share. The business's revenue was up 15.5% compared to the same quarter last year. As a group, sell-side analysts predict that ADTRAN Holdings, Inc. will post 0.43 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ADTN shares. Evercore started coverage on shares of ADTRAN in a research note on Tuesday, April 14th. They set an "outperform" rating and a $18.00 target price for the company. Wall Street Zen cut shares of ADTRAN from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 12th. B. Riley Financial reiterated a "buy" rating on shares of ADTRAN in a report on Friday, May 1st. Rosenblatt Securities lifted their price objective on ADTRAN from $16.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Finally, Northland Securities set a $18.00 price objective on ADTRAN in a research note on Wednesday, May 6th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, ADTRAN currently has an average rating of "Moderate Buy" and an average target price 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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