Nuveen Asset Management LLC lowered its position in ADTRAN, Inc. (NASDAQ:ADTN) by 1.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 385,313 shares of the communications equipment provider’s stock after selling 4,638 shares during the quarter. Nuveen Asset Management LLC’s holdings in ADTRAN were worth $2,959,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in ADTN. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of ADTRAN by 107.3% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,559 shares of the communications equipment provider’s stock worth $43,000 after acquiring an additional 2,878 shares during the period. Bank of Montreal Can lifted its position in shares of ADTRAN by 47.2% in the 4th quarter. Bank of Montreal Can now owns 6,875 shares of the communications equipment provider’s stock worth $67,000 after acquiring an additional 2,203 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of ADTRAN in the 4th quarter worth approximately $95,000. Aperio Group LLC lifted its position in shares of ADTRAN by 27.2% during the 1st quarter. Aperio Group LLC now owns 17,789 shares of the communications equipment provider’s stock worth $137,000 after buying an additional 3,804 shares during the period. Finally, Simon Quick Advisors LLC lifted its position in shares of ADTRAN by 77.3% during the 1st quarter. Simon Quick Advisors LLC now owns 19,652 shares of the communications equipment provider’s stock worth $151,000 after buying an additional 8,568 shares during the period. Institutional investors own 91.24% of the company’s stock.
Shares of ADTRAN stock opened at $10.81 on Wednesday. ADTRAN, Inc. has a 12 month low of $4.80 and a 12 month high of $16.40. The business has a fifty day simple moving average of $11.02 and a 200 day simple moving average of $9.48. The stock has a market cap of $509.31 million, a PE ratio of -8.19 and a beta of 1.36.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st were issued a dividend of $0.09 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.36 annualized dividend and a yield of 3.33%. ADTRAN’s dividend payout ratio is presently -3,600.00%.
Several research firms recently commented on ADTN. Northland Securities restated a “buy” rating and set a $15.00 target price (up previously from $10.00) on shares of ADTRAN in a research report on Thursday, May 7th. They noted that the move was a valuation call. MKM Partners upgraded ADTRAN from a “neutral” rating to a “buy” rating and set a $10.50 target price for the company in a research report on Friday, March 27th. ValuEngine downgraded ADTRAN from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 2nd. BidaskClub raised ADTRAN from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. Finally, Goldman Sachs Group raised ADTRAN from a “neutral” rating to a “buy” rating and set a $13.00 price target for the company in a report on Friday, April 17th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. ADTRAN presently has a consensus rating of “Buy” and an average target price of $11.75.
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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