Balan Nair Purchases 10,000 Shares of ADTRAN, Inc. (NASDAQ:ADTN) Stock

ADTRAN, Inc. (NASDAQ:ADTN) Director Balan Nair bought 10,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was bought at an average price of $9.19 per share, with a total value of $91,900.00. Following the completion of the purchase, the director now owns 49,505 shares of the company’s stock, valued at $454,950.95. The purchase was disclosed in a legal filing with the SEC, which is available at this link.

ADTN opened at $9.63 on Friday. The stock has a market cap of $452.92 million, a PE ratio of -20.49, a price-to-earnings-growth ratio of 43.71 and a beta of 1.19. ADTRAN, Inc. has a twelve month low of $8.09 and a twelve month high of $17.81. The business’s 50 day moving average is $10.15 and its 200-day moving average is $13.03.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings results on Wednesday, October 30th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.02). The business had revenue of $114.09 million during the quarter, compared to analyst estimates of $114.00 million. ADTRAN had a negative return on equity of 0.57% and a negative net margin of 8.79%. On average, equities analysts forecast that ADTRAN, Inc. will post -0.02 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Thursday, November 14th will be given a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $0.36 annualized dividend and a yield of 3.74%. ADTRAN’s dividend payout ratio (DPR) is -76.60%.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Meeder Asset Management Inc. purchased a new position in ADTRAN during the 2nd quarter worth approximately $114,000. Russell Investments Group Ltd. grew its position in ADTRAN by 29.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 111,856 shares of the communications equipment provider’s stock worth $1,703,000 after purchasing an additional 25,690 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in ADTRAN during the 2nd quarter worth approximately $7,051,000. D. E. Shaw & Co. Inc. grew its position in ADTRAN by 57.8% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 678,228 shares of the communications equipment provider’s stock worth $10,343,000 after purchasing an additional 248,296 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in ADTRAN by 6.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 840,421 shares of the communications equipment provider’s stock worth $12,816,000 after purchasing an additional 50,399 shares in the last quarter. Hedge funds and other institutional investors own 91.42% of the company’s stock.

ADTN has been the subject of a number of research reports. Needham & Company LLC restated a “hold” rating on shares of ADTRAN in a research note on Thursday, October 31st. ValuEngine upgraded ADTRAN from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. MKM Partners downgraded ADTRAN from a “buy” rating to a “neutral” rating and decreased their target price for the company from $17.00 to $11.00 in a research note on Thursday, October 10th. Zacks Investment Research downgraded ADTRAN from a “buy” rating to a “hold” rating and set a $10.00 target price for the company. in a research note on Monday, October 14th. Finally, BidaskClub raised ADTRAN from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $12.00.

About ADTRAN

ADTRAN, Inc provides networking and communications equipment worldwide. The company operates through two segments, Network Solutions and Services & Support. It offers access and aggregation solutions, including network management and subscriber services control and orchestration software within a SD-access architecture; SDN-controlled programmable network elements; fiber to the premises and fiber to the node (FTTN) multi-service access nodes (MSAN); fiber aggregation and FTTN MSAN; fiber to the distribution point optical network units; optical line terminals; optical networking edge aggregation; and IP digital subscriber line access multiplexers.

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