ADTRAN, Inc. (NASDAQ:ADTN) Short Interest Update

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ADTRAN, Inc. (NASDAQ:ADTN) saw a significant drop in short interest in the month of June. As of June 30th, there was short interest totalling 1,049,400 shares, a drop of 5.7% from the May 30th total of 1,113,200 shares. Based on an average daily volume of 408,700 shares, the short-interest ratio is currently 2.6 days. Currently, 2.2% of the shares of the stock are short sold.

A number of research analysts recently commented on the company. Cowen set a $75.00 price target on Baxter International and gave the stock a “hold” rating in a research report on Monday, April 22nd. MKM Partners lifted their target price on Travelers Companies to $140.00 and gave the company a “neutral” rating in a research report on Monday, April 22nd. Zacks Investment Research cut Horiba from a “hold” rating to a “sell” rating in a research report on Wednesday, May 22nd. BidaskClub upgraded Westport Fuel Systems from a “hold” rating to a “buy” rating in a research report on Friday. Finally, ValuEngine upgraded Zogenix from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $19.40.

In related news, VP Roger D. Shannon sold 5,701 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $17.65, for a total value of $100,622.65. Following the transaction, the vice president now owns 19,009 shares in the company, valued at $335,508.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.52% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Massey Quick Simon & CO. LLC boosted its stake in shares of ADTRAN by 75.3% during the first quarter. Massey Quick Simon & CO. LLC now owns 11,084 shares of the communications equipment provider’s stock valued at $152,000 after purchasing an additional 4,761 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of ADTRAN by 1.6% during the first quarter. Rhumbline Advisers now owns 144,801 shares of the communications equipment provider’s stock valued at $1,984,000 after purchasing an additional 2,273 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in shares of ADTRAN during the fourth quarter valued at about $145,000. Millennium Management LLC boosted its stake in shares of ADTRAN by 77.6% during the fourth quarter. Millennium Management LLC now owns 352,870 shares of the communications equipment provider’s stock valued at $3,790,000 after purchasing an additional 154,189 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of ADTRAN by 6.9% during the fourth quarter. Legal & General Group Plc now owns 119,698 shares of the communications equipment provider’s stock valued at $1,288,000 after purchasing an additional 7,749 shares in the last quarter. Hedge funds and other institutional investors own 91.30% of the company’s stock.

ADTRAN stock opened at $15.86 on Tuesday. ADTRAN has a 12-month low of $10.21 and a 12-month high of $19.30. The company has a 50-day simple moving average of $15.87. The company has a market capitalization of $752.53 million, a PE ratio of -33.74, a PEG ratio of 14.51 and a beta of 1.26.

ADTRAN (NASDAQ:ADTN) last released its earnings results on Wednesday, April 17th. The communications equipment provider reported $0.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.19. ADTRAN had a negative return on equity of 0.32% and a negative net margin of 1.40%. The firm had revenue of $143.79 million for the quarter, compared to analysts’ expectations of $140.55 million. As a group, sell-side analysts forecast that ADTRAN will post 0.22 earnings per share for the current year.

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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