NFJ Investment Group LLC Acquires New Position in ADTRAN Holdings, Inc. $ADTN

NFJ Investment Group LLC acquired a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 208,413 shares of the communications equipment provider’s stock, valued at approximately $2,897,000. NFJ Investment Group LLC owned approximately 0.26% of ADTRAN as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of ADTRAN in the 2nd quarter worth approximately $108,923,000. DNB Asset Management AS raised its position in shares of ADTRAN by 7.6% during the 4th quarter. DNB Asset Management AS now owns 3,123,679 shares of the communications equipment provider’s stock valued at $27,145,000 after acquiring an additional 219,810 shares in the last quarter. Millennium Management LLC lifted its stake in ADTRAN by 371.2% during the fourth quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock worth $23,418,000 after purchasing an additional 2,122,844 shares during the last quarter. Royce & Associates LP lifted its stake in ADTRAN by 7.7% during the fourth quarter. Royce & Associates LP now owns 2,597,013 shares of the communications equipment provider’s stock worth $22,568,000 after purchasing an additional 186,238 shares during the last quarter. Finally, State Street Corp boosted its holdings in ADTRAN by 4.5% in the fourth quarter. State Street Corp now owns 1,985,890 shares of the communications equipment provider’s stock worth $17,257,000 after purchasing an additional 86,382 shares during the period. Institutional investors own 80.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ADTN. Zacks Research lowered shares of ADTRAN from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. Evercore set a $11.00 price target on shares of ADTRAN in a research report on Wednesday, August 5th. Needham & Company LLC decreased their price target on shares of ADTRAN from $18.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Wall Street Zen downgraded shares of ADTRAN from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Rosenblatt Securities dropped their price objective on shares of ADTRAN from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $14.67.

ADTRAN Stock Down 1.9%

ADTRAN stock opened at $7.86 on Friday. The company has a 50-day simple moving average of $11.31 and a 200-day simple moving average of $12.64. The firm has a market capitalization of $640.43 million, a P/E ratio of -28.07 and a beta of 1.47. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.19 and a current ratio of 1.79. ADTRAN Holdings, Inc. has a one year low of $7.11 and a one year high of $19.98.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.06). The firm had revenue of $281.15 million during the quarter, compared to the consensus estimate of $290.19 million. ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. The company’s revenue was up 6.0% on a year-over-year basis. As a group, equities analysts expect that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current year.

ADTRAN Company Profile

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.