PineBridge Investments L.P. increased its position in Adtran Inc. (NASDAQ:ADTN) by 3.6% during the second quarter, Holdings Channel reports. The institutional investor owned 6,126 shares of the company’s stock after buying an additional 212 shares during the period. PineBridge Investments L.P.’s holdings in Adtran were worth $114,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the company. Teacher Retirement System of Texas boosted its stake in Adtran by 13.5% in the second quarter. Teacher Retirement System of Texas now owns 6,960 shares of the company’s stock worth $130,000 after buying an additional 830 shares in the last quarter. CHICAGO TRUST Co NA bought a new stake in Adtran during the second quarter worth approximately $199,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Adtran during the first quarter worth approximately $200,000. Eqis Capital Management Inc. boosted its stake in Adtran by 6.3% in the second quarter. Eqis Capital Management Inc. now owns 10,946 shares of the company’s stock worth $204,000 after buying an additional 646 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in Adtran during the second quarter worth approximately $250,000. Hedge funds and other institutional investors own 96.10% of the company’s stock.
Adtran Inc. (NASDAQ:ADTN) opened at 19.37 on Thursday. The company’s 50-day moving average price is $18.61 and its 200 day moving average price is $18.81. The firm has a market capitalization of $937.47 million, a price-to-earnings ratio of 34.34 and a beta of 0.95. Adtran Inc. has a 52-week low of $13.92 and a 52-week high of $21.43.
ADTN has been the subject of a number of recent research reports. MKM Partners reiterated a “buy” rating and set a $24.00 price objective on shares of Adtran in a research report on Sunday, July 17th. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Adtran in a research note on Thursday, July 14th. Finally, Zacks Investment Research lowered Adtran from a “buy” rating to a “hold” rating in a research note on Tuesday, June 14th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $22.05.
Adtran Company Profile
ADTRAN, Inc 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: the Carrier Networks Division and the Enterprise Networks Division. Its Carrier Networks Division supplies the network access products, services and supports that service providers require to connect their customers to transmission and switching networks.
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