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. Approximately 1.4% of the shares of the stock are short sold. Based on an average trading volume of 291,400 shares, the short-interest ratio is presently 2.2 days.
ADTN has been the subject of a number of recent analyst reports. MKM Partners lowered ADTRAN from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $17.00 to $11.00 in a research note on Thursday, October 10th. Northland Securities reaffirmed a “hold” rating and issued a $10.00 price objective on shares of ADTRAN in a research note on Thursday, October 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of ADTRAN in a research note on Thursday, October 31st. ValuEngine raised ADTRAN from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research lowered ADTRAN from a “buy” rating to a “hold” rating and set a $10.00 price objective for the company. in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. ADTRAN presently has an average rating of “Hold” and an average target price of $12.00.
In other news, VP Roger D. Shannon sold 6,200 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $9.71, for a total value of $60,202.00. Following the completion of the transaction, the vice president now owns 12,809 shares of the company’s stock, valued at $124,375.39. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Balan Nair acquired 10,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was acquired 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 $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 the stock. AE Wealth Management LLC boosted its stake in ADTRAN by 4.7% during the third quarter. AE Wealth Management LLC now owns 29,726 shares of the communications equipment provider’s stock valued at $337,000 after buying an additional 1,336 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in ADTRAN by 4.9% during the third quarter. Russell Investments Group Ltd. now owns 117,300 shares of the communications equipment provider’s stock valued at $1,330,000 after buying an additional 5,444 shares during the last quarter. California Public Employees Retirement System boosted its stake in ADTRAN by 16.9% during the third quarter. California Public Employees Retirement System now owns 101,109 shares of the communications equipment provider’s stock valued at $1,147,000 after buying an additional 14,585 shares during the last quarter. Lapides Asset Management LLC bought a new position in ADTRAN during the third quarter valued at approximately $118,000. Finally, Dupont Capital Management Corp bought a new position in ADTRAN during the third quarter valued at approximately $451,000. 91.24% of the stock is owned by institutional investors.
Shares of ADTRAN stock opened at $9.32 on Friday. The stock has a 50 day moving average of $9.91 and a 200 day moving average of $12.80. ADTRAN has a 12 month low of $8.09 and a 12 month high of $17.81. The firm has a market cap of $464.87 million, a PE ratio of -19.83 and a beta of 1.19.
ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Wednesday, October 30th. The communications equipment provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). ADTRAN had a negative net margin of 8.79% and a negative return on equity of 0.57%. The firm had revenue of $114.09 million for the quarter, compared to the consensus estimate of $114.00 million. On average, sell-side analysts predict that ADTRAN will post -0.02 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Thursday, November 14th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date is Wednesday, November 13th. ADTRAN’s payout ratio is presently -76.60%.
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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