Invesco Ltd. Purchases 905,056 Shares of ADTRAN Holdings, Inc. $ADTN

Invesco Ltd. lifted its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 325.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,183,180 shares of the communications equipment provider’s stock after acquiring an additional 905,056 shares during the quarter. Invesco Ltd. owned approximately 1.48% of ADTRAN worth $10,317,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of ADTRAN by 7.6% during the first quarter. Vanguard Group Inc. now owns 7,093,931 shares of the communications equipment provider’s stock worth $61,859,000 after acquiring an additional 501,512 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of ADTRAN during the fourth quarter worth $12,921,000. Royce & Associates LP raised its position in shares of ADTRAN by 188.5% during the first quarter. Royce & Associates LP now owns 1,406,500 shares of the communications equipment provider’s stock worth $12,265,000 after acquiring an additional 919,000 shares during the last quarter. Northern Trust Corp raised its position in shares of ADTRAN by 5.8% during the fourth quarter. Northern Trust Corp now owns 681,878 shares of the communications equipment provider’s stock worth $5,680,000 after acquiring an additional 37,311 shares during the last quarter. Finally, Bank of America Corp DE raised its position in shares of ADTRAN by 20.2% during the fourth quarter. Bank of America Corp DE now owns 634,013 shares of the communications equipment provider’s stock worth $5,281,000 after acquiring an additional 106,601 shares during the last quarter. Institutional investors own 80.56% of the company’s stock.

ADTRAN Trading Up 5.4%

NASDAQ ADTN opened at $9.17 on Monday. The stock has a 50-day simple moving average of $8.97 and a 200 day simple moving average of $8.83. The company has a market capitalization of $733.42 million, a PE ratio of -7.00 and a beta of 1.30. The company has a current ratio of 1.96, a quick ratio of 1.19 and a debt-to-equity ratio of 1.12. ADTRAN Holdings, Inc. has a 12 month low of $4.93 and a 12 month high of $12.44.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings data on Monday, August 4th. The communications equipment provider reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). ADTRAN had a negative net margin of 11.02% and a negative return on equity of 10.09%. The company had revenue of $265.07 million during the quarter, compared to the consensus estimate of $255.57 million. During the same quarter in the prior year, the company posted ($0.24) EPS. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. Research analysts forecast that ADTRAN Holdings, Inc. will post -0.5 EPS for the current year.

Wall Street Analysts Forecast Growth

ADTN has been the subject of a number of recent research reports. Wolfe Research assumed coverage on ADTRAN in a research report on Monday, July 7th. They set a “peer perform” rating for the company. Needham & Company LLC dropped their price objective on ADTRAN from $14.00 to $12.00 and set a “buy” rating for the company in a report on Friday, May 9th. Finally, Wall Street Zen downgraded ADTRAN from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 10th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $12.00.

ADTRAN Profile

ADTRAN Holdings, Inc, through its subsidiaries, provides networking and communications platforms, software, systems, and services in the United States, Germany, the United Kingdom, and internationally. It operates through two segments, Network Solutions, and Services & Support. It offers residential gateways; ethernet passive optical network ONUs; gigabit passive optical network/XGS-PON ONTs; traditional SSE, routers, and switches; edge cloud; carrier ethernet network interface devices; Optical Line Terminals; Packet Aggregation, Copper Access, and Oscilloquartz; optical transport and engine solutions; infrastructure monitoring solution; and training, professional, software, and managed services.