Strs Ohio Takes Position in ADTRAN Holdings, Inc. $ADTN

Key Points

• Strs Ohio has made a new investment of approximately $560,000 in ADTRAN Holdings, Inc., acquiring 64,200 shares during the first quarter.
• ADTRAN's latest quarterly earnings showed a loss of ($0.26) EPS, significantly underperforming expectations, despite a revenue increase of 17.3% year-over-year.
• Analysts have varied opinions on ADTRAN, with five rating it as a Buy and a price target consensus of $12.80, following mixed ratings from different research firms.

Strs Ohio purchased a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 64,200 shares of the communications equipment provider's stock, valued at approximately $560,000. Strs Ohio owned about 0.08% of ADTRAN as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Royce & Associates LP boosted its holdings in shares of ADTRAN by 188.5% in the first 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 last quarter. Invesco Ltd. boosted its holdings in shares of ADTRAN by 325.4% in the first quarter. Invesco Ltd. now owns 1,183,180 shares of the communications equipment provider's stock worth $10,317,000 after buying an additional 905,056 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of ADTRAN by 7.6% in the first quarter. Vanguard Group Inc. now owns 7,093,931 shares of the communications equipment provider's stock worth $61,859,000 after buying an additional 501,512 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of ADTRAN in the first quarter worth approximately $3,883,000. Finally, Apis Capital Advisors LLC purchased a new position in shares of ADTRAN in the first quarter worth approximately $3,793,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ADTN. Wall Street Zen downgraded shares of ADTRAN from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Wolfe Research began coverage on shares of ADTRAN in a report on Monday, July 7th. They issued a "peer perform" rating on the stock. Finally, B. Riley began coverage on shares of ADTRAN in a report on Thursday, September 18th. They issued a "buy" rating and a $16.00 price objective on the stock. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, ADTRAN has a consensus rating of "Moderate Buy" and an average price target of $12.80.

ADTRAN Price Performance

NASDAQ:ADTN traded down $0.10 during trading hours on Tuesday, hitting $9.55. 499,764 shares of the stock traded hands, compared to its average volume of 1,219,337. The company has a quick ratio of 1.19, a current ratio of 1.96 and a debt-to-equity ratio of 1.12. ADTRAN Holdings, Inc. has a 1 year low of $5.63 and a 1 year high of $12.44. The company has a market cap of $763.73 million, a price-to-earnings ratio of -7.27 and a beta of 1.39. The stock has a 50 day moving average price of $9.30 and a 200 day moving average price of $8.64.

ADTRAN (NASDAQ:ADTN - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The communications equipment provider reported ($0.26) earnings per share 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 in the prior year, the firm earned ($0.24) EPS. ADTRAN's revenue for the quarter was up 17.3% compared to the same quarter last year. Sell-side analysts forecast that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

ADTRAN 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.