ADTRAN (NASDAQ:ADTN) Posts Earnings Results, Beats Expectations By $0.07 EPS

ADTRAN (NASDAQ:ADTNGet Rating) released its earnings results on Wednesday. The communications equipment provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.07, Fidelity Earnings reports. ADTRAN had a negative net margin of 1.81% and a positive return on equity of 4.27%. During the same quarter last year, the business earned $0.14 EPS.

ADTRAN Price Performance

Shares of ADTN stock traded up $0.74 during trading hours on Friday, hitting $23.84. The stock had a trading volume of 608,429 shares, compared to its average volume of 634,230. The firm has a market capitalization of $1.18 billion, a PE ratio of -108.36 and a beta of 1.37. ADTRAN has a twelve month low of $16.30 and a twelve month high of $25.29. The stock’s 50 day moving average is $20.13 and its 200 day moving average is $19.32.

ADTRAN Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Thursday, August 18th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Wednesday, August 17th. ADTRAN’s payout ratio is currently -163.64%.

Institutional Investors Weigh In On ADTRAN

Several large investors have recently modified their holdings of ADTN. Captrust Financial Advisors lifted its holdings in shares of ADTRAN by 37.3% during the first quarter. Captrust Financial Advisors now owns 5,139 shares of the communications equipment provider’s stock worth $95,000 after purchasing an additional 1,397 shares during the period. Dynamic Technology Lab Private Ltd lifted its holdings in shares of ADTRAN by 16.7% during the first quarter. Dynamic Technology Lab Private Ltd now owns 12,382 shares of the communications equipment provider’s stock worth $229,000 after purchasing an additional 1,772 shares during the period. Hsbc Holdings PLC acquired a new stake in shares of ADTRAN during the first quarter worth $264,000. Sowell Financial Services LLC acquired a new stake in shares of ADTRAN during the first quarter worth $272,000. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of ADTRAN by 3.3% during the first quarter. Envestnet Asset Management Inc. now owns 18,255 shares of the communications equipment provider’s stock worth $337,000 after purchasing an additional 585 shares during the period. 94.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADTN has been the topic of several recent analyst reports. Needham & Company LLC initiated coverage on shares of ADTRAN in a research note on Thursday, July 14th. They issued a “buy” rating and a $28.00 price target on the stock. Rosenblatt Securities increased their price target on shares of ADTRAN from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, July 11th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.17.

About ADTRAN

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ADTRAN Holdings, Inc, through its subsidiaries, provides end-to-end fiber networking solutions for communications service provider, enterprises, and government customers in the United States, Germany, the United Kingdom, Mexico, and internationally. It operates through two segments, Network Solutions, and Services & Support.

Further Reading

Earnings History for ADTRAN (NASDAQ:ADTN)

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