Russell Investments Group Ltd. Has $1.39 Million Stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Russell Investments Group Ltd. trimmed its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 34.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 87,344 shares of the communications equipment provider’s stock after selling 45,837 shares during the period. Russell Investments Group Ltd. owned approximately 0.11% of ADTRAN worth $1,385,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. New York Life Investment Management LLC acquired a new stake in shares of ADTRAN in the 1st quarter valued at $479,000. Intrust Bank NA acquired a new stake in shares of ADTRAN in the 4th quarter valued at $203,000. DnB Asset Management AS boosted its stake in shares of ADTRAN by 7.6% in the 1st quarter. DnB Asset Management AS now owns 2,792,657 shares of the communications equipment provider’s stock valued at $44,292,000 after purchasing an additional 198,169 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of ADTRAN in the 4th quarter valued at approximately $572,000. Finally, Koesten Hirschmann & Crabtree INC. acquired a new stake in shares of ADTRAN in the 4th quarter valued at approximately $817,000. 81.88% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Stock Up 1.1 %

Shares of NASDAQ:ADTN opened at $8.12 on Wednesday. The company has a market capitalization of $638.88 million, a price-to-earnings ratio of -8.55 and a beta of 1.39. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.75 and a quick ratio of 1.40. The business’s 50-day moving average is $9.43 and its 200-day moving average is $11.34. ADTRAN Holdings, Inc. has a 1 year low of $7.00 and a 1 year high of $24.13.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings data on Sunday, August 6th. The communications equipment provider reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). ADTRAN had a negative return on equity of 1.19% and a negative net margin of 5.25%. The company had revenue of $327.38 million for the quarter, compared to the consensus estimate of $329.65 million. Equities research analysts predict that ADTRAN Holdings, Inc. will post -0.23 earnings per share for the current year.

ADTRAN Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be given a dividend of $0.09 per share. The ex-dividend date is Friday, August 18th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 4.43%. ADTRAN’s payout ratio is presently -37.89%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Argus reduced their price target on shares of ADTRAN from $30.00 to $16.00 in a research note on Monday, May 15th. Needham & Company LLC cut their price objective on ADTRAN from $15.00 to $12.00 in a report on Wednesday, August 9th. StockNews.com started coverage on ADTRAN in a report on Thursday, August 17th. They set a “sell” rating on the stock. TheStreet downgraded shares of ADTRAN from a “c-” rating to a “d+” rating in a research report on Thursday, May 11th. Finally, Rosenblatt Securities cut their target price on shares of ADTRAN from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $18.17.

ADTRAN Profile

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.