Eqis Capital Management Inc. lessened its holdings in ADTRAN, Inc. (NASDAQ:ADTN) by 12.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,674 shares of the communications equipment provider’s stock after selling 6,344 shares during the quarter. Eqis Capital Management Inc. owned 0.09% of ADTRAN worth $458,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Bank of Montreal Can lifted its position in shares of ADTRAN by 1,082.9% in the second quarter. Bank of Montreal Can now owns 5,335 shares of the communications equipment provider’s stock worth $59,000 after purchasing an additional 4,884 shares in the last quarter. Two Sigma Advisers LP raised its position in ADTRAN by 22.7% during the second quarter. Two Sigma Advisers LP now owns 105,000 shares of the communications equipment provider’s stock worth $1,148,000 after acquiring an additional 19,400 shares in the last quarter. Cigna Investments Inc. New bought a new stake in ADTRAN during the second quarter worth $132,000. FMR LLC raised its position in ADTRAN by 9,345,200.0% during the second quarter. FMR LLC now owns 93,453 shares of the communications equipment provider’s stock worth $1,021,000 after acquiring an additional 93,452 shares in the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in ADTRAN during the second quarter worth $4,687,000. 86.00% of the stock is currently owned by institutional investors and hedge funds.
Shares of ADTRAN stock opened at $12.17 on Friday. The company has a market capitalization of $583.63 million, a price-to-earnings ratio of -35.79 and a beta of 1.29. ADTRAN, Inc. has a 12-month low of $4.80 and a 12-month high of $13.20. The firm’s 50-day moving average price is $11.54 and its two-hundred day moving average price is $11.27.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Monday, November 16th. This represents a $0.36 annualized dividend and a yield of 2.96%. ADTRAN’s payout ratio is -3,600.00%.
ADTN has been the topic of several analyst reports. Jefferies Financial Group raised shares of ADTRAN from a “hold” rating to a “buy” rating and upped their price target for the stock from $11.00 to $16.50 in a research report on Wednesday, November 4th. BidaskClub raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research report on Thursday, October 22nd. TheStreet raised shares of ADTRAN from a “d+” rating to a “c” rating in a research report on Monday, August 10th. Northland Securities reaffirmed a “buy” rating and set a $16.00 price target on shares of ADTRAN in a research report on Thursday, August 6th. Finally, Needham & Company LLC initiated coverage on shares of ADTRAN in a research report on Monday, August 10th. They issued a “hold” rating on the stock. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $12.90.
ADTRAN, Inc provides networking and communications equipment for service providers, cable/multiple system operators, and distributed enterprises in the United States and internationally. The company operates through Network Solutions, and Services & Support segments. It offers fiber to the premises and fiber to the node (FTTN) multi-service access nodes (MSAN); fiber aggregation and FTTN MSAN; network management and subscriber services control and orchestration software; software defined networking -controlled programmable network elements; fiber to the distribution point units; optical line terminals and transport solutions; optical networking edge aggregation; IP digital subscriber line access multiplexers; cabinet and outside-plant enclosures and services; transceivers, cables, and other miscellaneous materials; and other products, software, and services.
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