Shares of ADTRAN, Inc. (NASDAQ:ADTN) have been assigned an average rating of “Buy” from the seven analysts that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $22.14.
Several brokerages have commented on ADTN. Cowen upgraded shares of ADTRAN from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $22.17 to $29.00 in a report on Friday, August 6th. The Goldman Sachs Group raised their price target on shares of ADTRAN from $20.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, August 6th.
Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in shares of ADTRAN by 6.6% in the first quarter. BlackRock Inc. now owns 8,222,003 shares of the communications equipment provider’s stock valued at $137,142,000 after buying an additional 508,871 shares in the last quarter. Vanguard Group Inc. boosted its position in ADTRAN by 2.0% during the second quarter. Vanguard Group Inc. now owns 5,381,921 shares of the communications equipment provider’s stock worth $111,137,000 after purchasing an additional 106,797 shares during the period. Victory Capital Management Inc. boosted its position in ADTRAN by 4.1% during the second quarter. Victory Capital Management Inc. now owns 4,487,308 shares of the communications equipment provider’s stock worth $92,663,000 after purchasing an additional 177,146 shares during the period. Bank of New York Mellon Corp boosted its position in ADTRAN by 4.5% during the second quarter. Bank of New York Mellon Corp now owns 3,301,094 shares of the communications equipment provider’s stock worth $68,168,000 after purchasing an additional 143,088 shares during the period. Finally, State Street Corp boosted its position in ADTRAN by 3.3% during the second quarter. State Street Corp now owns 1,696,732 shares of the communications equipment provider’s stock worth $35,038,000 after purchasing an additional 53,930 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.
ADTRAN (NASDAQ:ADTN) last announced its earnings results on Tuesday, August 3rd. The communications equipment provider reported $0.16 EPS for the quarter, topping the consensus estimate of $0.12 by $0.04. The firm had revenue of $143.23 million for the quarter, compared to the consensus estimate of $142.20 million. ADTRAN had a net margin of 3.29% and a return on equity of 6.02%. On average, equities research analysts forecast that ADTRAN will post 0.44 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 2nd. Stockholders of record on Thursday, August 19th were paid a dividend of $0.09 per share. The ex-dividend date was Wednesday, August 18th. This represents a $0.36 annualized dividend and a dividend yield of 1.84%. ADTRAN’s dividend payout ratio is currently 225.00%.
ADTRAN Company Profile
ADTRAN, Inc engages in the provision of networking and communications platforms and services focused on the broadband access market. It operates through the Network Solutions and Services and Support business segment. The Network Solutions segment includes hardware products and next-generation virtualized solutions used in service provider or business networks, as well as prior-generation products.
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