FIL Ltd increased its position in shares of ADTRAN, Inc. (NASDAQ:ADTN) by 33.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 894,028 shares of the company’s stock after buying an additional 224,028 shares during the period. FIL Ltd’s holdings in ADTRAN were worth $19,982,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of ADTN. Public Employees Retirement System of Ohio raised its stake in ADTRAN by 2.6% in the second quarter. Public Employees Retirement System of Ohio now owns 6,943 shares of the company’s stock worth $129,000 after buying an additional 177 shares during the period. Teacher Retirement System of Texas raised its stake in ADTRAN by 13.5% in the second quarter. Teacher Retirement System of Texas now owns 6,960 shares of the company’s stock worth $130,000 after buying an additional 830 shares during the period. Eqis Capital Management Inc. raised its stake in ADTRAN by 6.3% in the third quarter. Eqis Capital Management Inc. now owns 11,631 shares of the company’s stock worth $223,000 after buying an additional 685 shares during the period. Alambic Investment Management L.P. acquired a new stake in ADTRAN during the third quarter worth about $237,000. Finally, CHICAGO TRUST Co NA raised its stake in ADTRAN by 27.6% in the third quarter. CHICAGO TRUST Co NA now owns 13,612 shares of the company’s stock worth $260,000 after buying an additional 2,941 shares during the period. 96.87% of the stock is currently owned by institutional investors and hedge funds.
Shares of ADTRAN, Inc. (NASDAQ:ADTN) traded down 0.92% during trading on Friday, reaching $21.50. The company’s stock had a trading volume of 120,477 shares. ADTRAN, Inc. has a 52-week low of $17.06 and a 52-week high of $23.75. The firm’s 50-day moving average is $22.07 and its 200 day moving average is $20.07. The company has a market cap of $1.04 billion, a PE ratio of 29.86 and a beta of 0.60.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 16th. Shareholders of record on Thursday, February 2nd were paid a $0.09 dividend. The ex-dividend date was Tuesday, January 31st. This represents a $0.36 annualized dividend and a yield of 1.66%. ADTRAN’s dividend payout ratio is 49.32%.
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Several brokerages have recently weighed in on ADTN. Jefferies Group LLC lifted their price objective on ADTRAN from $17.50 to $20.50 and gave the stock a “hold” rating in a report on Thursday, January 19th. TheStreet raised ADTRAN from a “hold” rating to a “buy” rating in a report on Monday, December 5th. Zacks Investment Research raised ADTRAN from a “hold” rating to a “strong-buy” rating and set a $26.00 price objective on the stock in a report on Monday, January 23rd. MKM Partners reissued a “buy” rating and set a $27.50 price objective (up previously from $24.00) on shares of ADTRAN in a report on Tuesday, January 24th. Finally, Northland Securities raised ADTRAN from a “market perform” rating to an “outperform” rating and set a $20.00 price objective on the stock in a report on Monday, October 31st. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $22.63.
ADTRAN, Inc is a provider of networking and communications equipment. The Company’s solutions enable voice, data, video and Internet communications across a range of network infrastructures. It operates through two segments: the Carrier Networks Division and the Enterprise Networks Division. Its Carrier Networks Division supplies the network access products, services and supports that service providers require to connect their customers to transmission and switching networks.
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