Federated Hermes Inc. Takes $8.36 Million Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Federated Hermes Inc. purchased a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,139,408 shares of the communications equipment provider's stock, valued at approximately $8,363,000. Federated Hermes Inc. owned approximately 1.45% of ADTRAN at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Nisa Investment Advisors LLC lifted its position in shares of ADTRAN by 20,809.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,900 shares of the communications equipment provider's stock worth $51,000 after buying an additional 6,867 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of ADTRAN by 91.5% in the third quarter. PNC Financial Services Group Inc. now owns 12,933 shares of the communications equipment provider's stock worth $106,000 after purchasing an additional 6,179 shares during the period. Handelsbanken Fonder AB bought a new position in shares of ADTRAN in the third quarter worth about $114,000. Raymond James Financial Services Advisors Inc. bought a new position in ADTRAN during the third quarter valued at about $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in ADTRAN by 19.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,185 shares of the communications equipment provider's stock valued at $125,000 after acquiring an additional 2,500 shares during the period. Hedge funds and other institutional investors own 80.56% of the company's stock.

ADTRAN Trading Down 3.8 %

Shares of NASDAQ:ADTN traded down $0.18 during midday trading on Thursday, hitting $4.57. The company had a trading volume of 483,611 shares, compared to its average volume of 735,418. The stock has a market cap of $361.58 million, a price-to-earnings ratio of -1.43 and a beta of 1.13. ADTRAN Holdings, Inc. has a 12 month low of $4.53 and a 12 month high of $11.02. The company has a current ratio of 2.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.33. The firm has a fifty day simple moving average of $5.52 and a 200 day simple moving average of $6.23.

ADTRAN (NASDAQ:ADTN - Get Free Report) last issued its quarterly earnings data on Monday, February 26th. The communications equipment provider reported ($1.13) EPS for the quarter, missing the consensus estimate of ($0.12) by ($1.01). ADTRAN had a negative return on equity of 15.65% and a negative net margin of 21.80%. The business had revenue of $225.48 million for the quarter, compared to analyst estimates of $232.45 million. On average, analysts predict that ADTRAN Holdings, Inc. will post -0.25 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ADTN. StockNews.com raised ADTRAN to a "sell" rating in a report on Wednesday, March 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $8.00 price target on shares of ADTRAN in a report on Wednesday, April 17th. Finally, Rosenblatt Securities dropped their price target on ADTRAN from $8.00 to $7.50 and set a "neutral" rating for the company in a report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, ADTRAN has a consensus rating of "Hold" and an average price target of $10.50.

About ADTRAN

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.