Ontario Teachers Pension Plan Board bought a new stake in ADTRAN, Inc. (NASDAQ:ADTN) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 19,833 shares of the communications equipment provider’s stock, valued at approximately $272,000.
Several other institutional investors have also made changes to their positions in ADTN. Quantamental Technologies LLC bought a new stake in shares of ADTRAN in the first quarter valued at about $52,000. Financial Gravity Companies Inc. bought a new stake in shares of ADTRAN in the fourth quarter valued at about $59,000. Financial Gravity Wealth Inc. bought a new stake in shares of ADTRAN in the first quarter valued at about $59,000. Investors Research Corp bought a new stake in shares of ADTRAN in the first quarter valued at about $62,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of ADTRAN by 11.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 6,876 shares of the communications equipment provider’s stock valued at $74,000 after acquiring an additional 726 shares during the period. 91.30% of the stock is owned by institutional investors.
In other news, VP Roger D. Shannon sold 5,701 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $17.65, for a total value of $100,622.65. Following the completion of the transaction, the vice president now owns 19,009 shares of the company’s stock, valued at $335,508.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.52% of the stock is currently owned by corporate insiders.
ADTRAN (NASDAQ:ADTN) last posted its earnings results on Wednesday, April 17th. The communications equipment provider reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.19. The firm had revenue of $143.79 million during the quarter, compared to analysts’ expectations of $140.55 million. ADTRAN had a negative net margin of 1.40% and a negative return on equity of 0.32%. Sell-side analysts forecast that ADTRAN, Inc. will post 0.22 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd were issued a $0.09 dividend. The ex-dividend date was Wednesday, May 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.23%. ADTRAN’s dividend payout ratio (DPR) is currently -76.60%.
Several equities research analysts recently weighed in on ADTN shares. MKM Partners upped their price objective on shares of ADTRAN to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Zacks Investment Research raised shares of ADTRAN from a “hold” rating to a “strong-buy” rating and set a $19.00 price objective for the company in a research report on Wednesday, May 22nd. ValuEngine cut shares of ADTRAN from a “buy” rating to a “hold” rating in a research report on Wednesday, March 6th. Cowen reaffirmed a “market perform” rating and set a $17.00 price objective (up previously from $14.00) on shares of ADTRAN in a research report on Monday, April 22nd. They noted that the move was a valuation call. Finally, BidaskClub raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research report on Monday. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $19.40.
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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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