ADTRAN, Inc. (NASDAQ:ADTN) Short Interest Update

ADTRAN, Inc. (NASDAQ:ADTN) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 638,800 shares, a decrease of 22.1% from the September 30th total of 820,000 shares. Based on an average daily volume of 291,400 shares, the days-to-cover ratio is presently 2.2 days. Currently, 1.4% of the company’s shares are sold short.

Shares of ADTN stock opened at $9.37 on Thursday. The stock has a fifty day moving average of $10.00 and a 200 day moving average of $12.88. ADTRAN has a 52 week low of $8.09 and a 52 week high of $17.81. The firm has a market capitalization of $460.57 million, a price-to-earnings ratio of -19.94 and a beta of 1.19.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings data on Wednesday, October 30th. The communications equipment provider reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The firm had revenue of $114.09 million for the quarter, compared to analysts’ expectations of $114.00 million. ADTRAN had a negative net margin of 8.79% and a negative return on equity of 0.57%. As a group, research analysts predict that ADTRAN will post -0.02 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Thursday, November 14th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 3.84%. The ex-dividend date is Wednesday, November 13th. ADTRAN’s dividend payout ratio is currently -76.60%.

In other news, VP Roger D. Shannon sold 6,200 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $9.71, for a total transaction of $60,202.00. Following the completion of the sale, the vice president now owns 12,809 shares of the company’s stock, valued at $124,375.39. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Balan Nair acquired 10,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were bought at an average cost of $9.19 per share, with a total value of $91,900.00. Following the purchase, the director now owns 49,505 shares of the company’s stock, valued at approximately $454,950.95. The disclosure for this purchase can be found here. Corporate insiders own 2.52% of the company’s stock.

A number of institutional investors have recently made changes to their positions in ADTN. Nuveen Asset Management LLC purchased a new position in ADTRAN during the second quarter valued at $7,051,000. Renaissance Technologies LLC lifted its position in ADTRAN by 17.0% during the second quarter. Renaissance Technologies LLC now owns 2,265,928 shares of the communications equipment provider’s stock valued at $34,555,000 after buying an additional 328,900 shares during the period. D. E. Shaw & Co. Inc. lifted its position in ADTRAN by 57.8% during the second quarter. D. E. Shaw & Co. Inc. now owns 678,228 shares of the communications equipment provider’s stock valued at $10,343,000 after buying an additional 248,296 shares during the period. Chicago Equity Partners LLC purchased a new position in ADTRAN during the second quarter valued at $3,000,000. Finally, BlackRock Inc. lifted its position in ADTRAN by 2.6% during the second quarter. BlackRock Inc. now owns 7,383,380 shares of the communications equipment provider’s stock valued at $112,597,000 after buying an additional 186,051 shares during the period. 91.24% of the stock is owned by institutional investors and hedge funds.

A number of brokerages recently commented on ADTN. Needham & Company LLC reaffirmed a “hold” rating on shares of ADTRAN in a research note on Thursday, October 31st. MKM Partners lowered ADTRAN from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $17.00 to $11.00 in a research note on Thursday, October 10th. ValuEngine raised ADTRAN from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research lowered ADTRAN from a “buy” rating to a “hold” rating and set a $10.00 price target for the company. in a research note on Monday, October 14th. Finally, Northland Securities reaffirmed a “hold” rating and issued a $10.00 price target on shares of ADTRAN in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. ADTRAN currently has a consensus rating of “Hold” and an average target price of $12.00.

About ADTRAN

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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