Algert Global LLC Buys Shares of 109,604 ADTRAN, Inc. (NASDAQ:ADTN)

Algert Global LLC bought a new position in ADTRAN, Inc. (NASDAQ:ADTN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 109,604 shares of the communications equipment provider’s stock, valued at approximately $2,263,000.

Other institutional investors have also recently modified their holdings of the company. State of Alaska Department of Revenue increased its stake in shares of ADTRAN by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 5,350 shares of the communications equipment provider’s stock valued at $111,000 after buying an additional 110 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of ADTRAN by 12.8% in the first quarter. Nordea Investment Management AB now owns 7,059 shares of the communications equipment provider’s stock valued at $146,000 after buying an additional 800 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of ADTRAN during the first quarter valued at $160,000. Trexquant Investment LP bought a new stake in shares of ADTRAN during the first quarter valued at $220,000. Finally, Mason Street Advisors LLC increased its stake in shares of ADTRAN by 7.3% in the first quarter. Mason Street Advisors LLC now owns 11,346 shares of the communications equipment provider’s stock valued at $235,000 after buying an additional 770 shares in the last quarter. Institutional investors own 91.05% of the company’s stock.

ADTRAN, Inc. (NASDAQ:ADTN) opened at 22.30 on Tuesday. ADTRAN, Inc. has a 52 week low of $17.55 and a 52 week high of $24.05. The company has a 50-day moving average of $21.20 and a 200-day moving average of $20.90. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 27.84 and a beta of 0.65.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.11. The company had revenue of $184.67 million for the quarter, compared to the consensus estimate of $183.05 million. ADTRAN had a net margin of 5.68% and a return on equity of 8.39%. During the same quarter last year, the firm posted $0.21 earnings per share. Analysts anticipate that ADTRAN, Inc. will post $0.81 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Thursday, August 3rd will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date is Tuesday, August 1st. ADTRAN’s dividend payout ratio is presently 43.90%.

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ADTN has been the topic of several analyst reports. Needham & Company LLC cut their price target on ADTRAN from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, April 20th. Argus raised ADTRAN from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research report on Thursday, April 20th. MKM Partners reaffirmed a “buy” rating and set a $26.50 price target (down from $27.50) on shares of ADTRAN in a research report on Monday, April 24th. Northland Securities restated a “buy” rating and set a $24.00 target price on shares of ADTRAN in a research report on Tuesday, July 4th. Finally, Zacks Investment Research upgraded ADTRAN from a “hold” rating to a “strong-buy” rating and set a $25.00 target price on the stock in a research report on Friday, July 21st. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $23.43.

In other ADTRAN news, SVP Michael Foliano sold 24,000 shares of the firm’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $23.77, for a total transaction of $570,480.00. Following the completion of the transaction, the senior vice president now directly owns 5,417 shares of the company’s stock, valued at approximately $128,762.09. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.96% of the stock is currently owned by company insiders.

About ADTRAN

ADTRAN, Inc (ADTRAN) 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: Network Solutions and Services & Support. Network Solutions includes software and hardware products that enable CSPs and enterprise customers to realize a fully connected world.

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Institutional Ownership by Quarter for ADTRAN (NASDAQ:ADTN)

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