ADTRAN (ADTN) Price Target Lowered to $17.00 at Needham & Company LLC

ADTRAN (NASDAQ:ADTN) had its target price cut by Needham & Company LLC from $18.00 to $17.00 in a report released on Thursday morning, Marketbeat Ratings reports. They currently have a buy rating on the communications equipment provider’s stock. The analysts noted that the move was a valuation call.

ADTN has been the topic of several other reports. Bank of America raised shares of ADTRAN from an underperform rating to a neutral rating in a research note on Thursday, September 13th. BidaskClub raised shares of ADTRAN from a hold rating to a buy rating in a research note on Friday, October 12th. ValuEngine raised shares of ADTRAN from a sell rating to a hold rating in a research note on Saturday, July 14th. MKM Partners lifted their target price on shares of ADTRAN from $21.00 to $22.00 in a research note on Thursday, September 13th. Finally, Zacks Investment Research raised shares of ADTRAN from a hold rating to a buy rating and set a $19.00 target price on the stock in a research note on Tuesday, October 9th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has an average rating of Hold and an average target price of $17.89.

Shares of ADTN traded down $0.05 during mid-day trading on Thursday, reaching $13.78. The company’s stock had a trading volume of 622,834 shares, compared to its average volume of 464,857. The firm has a market cap of $657.84 million, a price-to-earnings ratio of 15.48 and a beta of 0.53. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.90 and a current ratio of 2.82. ADTRAN has a 52 week low of $13.52 and a 52 week high of $23.15.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings data on Tuesday, October 16th. The communications equipment provider reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.17. ADTRAN had a negative net margin of 3.94% and a negative return on equity of 2.20%. The firm had revenue of $140.34 million during the quarter, compared to analyst estimates of $146.00 million. During the same period in the previous year, the business posted $0.33 EPS. As a group, equities research analysts predict that ADTRAN will post -0.4 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, October 31st will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Tuesday, October 30th. ADTRAN’s payout ratio is currently 40.45%.

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. increased its position in ADTRAN by 8.3% during the 2nd quarter. BlackRock Inc. now owns 6,934,364 shares of the communications equipment provider’s stock valued at $102,976,000 after purchasing an additional 531,092 shares during the period. Dimensional Fund Advisors LP increased its position in ADTRAN by 5.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,459,427 shares of the communications equipment provider’s stock valued at $51,372,000 after purchasing an additional 182,298 shares during the period. Victory Capital Management Inc. increased its position in ADTRAN by 0.4% during the 2nd quarter. Victory Capital Management Inc. now owns 3,064,328 shares of the communications equipment provider’s stock valued at $45,505,000 after purchasing an additional 11,178 shares during the period. Deprince Race & Zollo Inc. increased its position in ADTRAN by 32.6% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 2,795,330 shares of the communications equipment provider’s stock valued at $41,511,000 after purchasing an additional 686,488 shares during the period. Finally, Van Berkom & Associates Inc. increased its position in ADTRAN by 0.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 2,081,442 shares of the communications equipment provider’s stock valued at $30,909,000 after purchasing an additional 13,186 shares during the period. 95.12% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Company Profile

ADTRAN, Inc provides networking and communications equipment worldwide. The company operates through two segments, Network Solutions and Services & Support. It offers access and aggregation solutions, including network management and subscriber services control and orchestration software within a SD-access architecture; SDN-controlled programmable network elements; fiber to the premises and fiber to the node (FTTN) multi-service access nodes (MSAN); fiber aggregation and FTTN MSAN; fiber to the distribution point optical network units; optical line terminals; optical networking edge aggregation; and IP digital subscriber line access multiplexers.

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