ADTRAN (NASDAQ:ADTN) Shares Gap Up to $19.25

ADTRAN Holdings, Inc. (NASDAQ:ADTN – Get Rating) shares gapped up before the market opened on Thursday . The stock had previously closed at $19.25, but opened at $20.57. ADTRAN shares last traded at $19.55, with a volume of 4,488 shares changing hands.

Analysts Set New Price Targets

ADTN has been the subject of several research reports. Loop Capital upgraded shares of ADTRAN from a “hold” rating to a “buy” rating and increased their price target for the company from $21.00 to $26.00 in a research report on Monday, September 26th. StockNews.com lowered shares of ADTRAN from a “hold” rating to a “sell” rating in a research report on Wednesday, November 16th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $29.33.

ADTRAN Price Performance

The business’s 50-day moving average price is $19.64 and its 200 day moving average price is $20.75. The company has a market capitalization of $1.55 billion, a P/E ratio of -31.02 and a beta of 1.34.

ADTRAN (NASDAQ:ADTN – Get Rating) last released its quarterly earnings data on Tuesday, November 8th. The communications equipment provider reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.17). ADTRAN had a negative net margin of 5.49% and a positive return on equity of 3.11%. The firm had revenue of $340.71 million during the quarter. Analysts anticipate that ADTRAN Holdings, Inc. will post 0.46 EPS for the current fiscal year.

ADTRAN Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 6th. Stockholders of record on Tuesday, November 22nd were given a $0.09 dividend. The ex-dividend date of this dividend was Monday, November 21st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.81%. ADTRAN’s dividend payout ratio (DPR) is currently -56.25%.

Hedge Funds Weigh In On ADTRAN

A number of large investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in ADTRAN by 42.5% in the third quarter. BlackRock Inc. now owns 11,571,646 shares of the communications equipment provider’s stock valued at $226,571,000 after purchasing an additional 3,450,328 shares in the last quarter. DNB Asset Management AS purchased a new stake in ADTRAN in the third quarter valued at approximately $54,790,000. Vanguard Group Inc. raised its stake in ADTRAN by 43.9% in the third quarter. Vanguard Group Inc. now owns 7,539,783 shares of the communications equipment provider’s stock valued at $147,629,000 after purchasing an additional 2,298,501 shares in the last quarter. State Street Corp raised its stake in ADTRAN by 40.6% in the third quarter. State Street Corp now owns 2,328,697 shares of the communications equipment provider’s stock valued at $45,596,000 after purchasing an additional 672,282 shares in the last quarter. Finally, Herald Investment Management Ltd purchased a new stake in ADTRAN in the third quarter valued at approximately $7,828,000. 85.14% of the stock is currently owned by institutional investors.

ADTRAN Company Profile

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ADTRAN Holdings, Inc, through its subsidiaries, provides end-to-end fiber networking solutions for communications service provider, enterprises, and government customers in the United States, Germany, the United Kingdom, Mexico, and internationally. It operates through two segments, Network Solutions, and Services & Support.