First Eagle Investment Management LLC Raises Holdings in ADTRAN Holdings, Inc. $ADTN

First Eagle Investment Management LLC raised its stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 6.7% during the third quarter, HoldingsChannel reports. The firm owned 1,209,207 shares of the communications equipment provider’s stock after purchasing an additional 75,600 shares during the quarter. First Eagle Investment Management LLC’s holdings in ADTRAN were worth $11,342,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently modified their holdings of the company. Cape Investment Advisory Inc. purchased a new position in shares of ADTRAN during the second quarter worth $27,000. State of Alaska Department of Revenue purchased a new position in ADTRAN during the third quarter valued at $36,000. Skaana Management L.P. acquired a new stake in ADTRAN in the 3rd quarter worth about $99,000. Stoneridge Investment Partners LLC acquired a new stake in shares of ADTRAN in the third quarter worth approximately $100,000. Finally, Vident Advisory LLC purchased a new stake in shares of ADTRAN during the second quarter worth $130,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

ADTRAN Stock Performance

Shares of ADTRAN stock opened at $9.88 on Wednesday. The firm’s fifty day simple moving average is $9.50 and its 200-day simple moving average is $9.14. ADTRAN Holdings, Inc. has a 12 month low of $6.93 and a 12 month high of $11.10. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.76 and a quick ratio of 1.16. The stock has a market capitalization of $796.92 million, a price-to-earnings ratio of -19.37 and a beta of 1.37.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings results on Wednesday, February 25th. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.08. ADTRAN had a positive return on equity of 4.23% and a negative net margin of 4.15%.The firm had revenue of $291.56 million for the quarter, compared to analyst estimates of $281.12 million. The company’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, equities analysts forecast that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ADTN shares. Rosenblatt Securities increased their price target on ADTRAN from $11.00 to $16.00 and gave the company a “buy” rating in a report on Friday, February 27th. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 target price on shares of ADTRAN in a report on Thursday, February 26th. Finally, Wall Street Zen raised shares of ADTRAN from a “hold” rating to a “buy” rating in a research report on Saturday. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.33.

ADTRAN Profile

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.