Shares of ADTRAN, Inc. (NASDAQ:ADTN) have received an average rating of “Buy” from the seven analysts that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $22.14.
ADTN has been the topic of several analyst reports. The Goldman Sachs Group lifted their target price on ADTRAN from $20.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, August 6th. Cowen raised ADTRAN from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $22.17 to $29.00 in a report on Friday, August 6th.
ADTN traded down $0.29 on Thursday, hitting $18.65. The company had a trading volume of 9,302 shares, compared to its average volume of 304,785. The stock has a fifty day moving average price of $21.51 and a 200-day moving average price of $19.86. ADTRAN has a 12-month low of $9.66 and a 12-month high of $24.76. The stock has a market capitalization of $905.68 million, a price-to-earnings ratio of 52.61 and a beta of 1.40.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 2nd. Investors of record on Thursday, August 19th were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend was Wednesday, August 18th. ADTRAN’s dividend payout ratio is currently 225.00%.
A number of hedge funds have recently made changes to their positions in ADTN. Comerica Bank raised its position in ADTRAN by 1.9% during the first quarter. Comerica Bank now owns 63,693 shares of the communications equipment provider’s stock valued at $1,118,000 after acquiring an additional 1,216 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in ADTRAN by 45.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,111 shares of the communications equipment provider’s stock valued at $135,000 after acquiring an additional 2,552 shares in the last quarter. Alliancebernstein L.P. raised its position in ADTRAN by 2.0% during the first quarter. Alliancebernstein L.P. now owns 43,023 shares of the communications equipment provider’s stock valued at $718,000 after acquiring an additional 840 shares in the last quarter. Rhumbline Advisers raised its position in ADTRAN by 1.8% during the first quarter. Rhumbline Advisers now owns 167,873 shares of the communications equipment provider’s stock valued at $2,800,000 after acquiring an additional 3,003 shares in the last quarter. Finally, IndexIQ Advisors LLC purchased a new position in ADTRAN during the first quarter valued at approximately $405,000. Institutional investors own 92.03% of the company’s stock.
ADTRAN Company Profile
ADTRAN, Inc engages in the provision of networking and communications platforms and services focused on the broadband access market. It operates through the Network Solutions and Services and Support business segment. The Network Solutions segment includes hardware products and next-generation virtualized solutions used in service provider or business networks, as well as prior-generation products.
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