Bank of New York Mellon Corp Increases Stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Posted by Defense World Staff on Mar 10th, 2023

Bank of New York Mellon Corp boosted its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN – Get Rating) by 2.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,005,536 shares of the communications equipment provider’s stock after buying an additional 59,009 shares during the quarter. Bank of New York Mellon Corp owned 6.10% of ADTRAN worth $58,847,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Altshuler Shaham Ltd purchased a new position in ADTRAN during the 3rd quarter worth approximately $32,000. FMR LLC raised its position in ADTRAN by 41.3% during the 2nd quarter. FMR LLC now owns 1,965 shares of the communications equipment provider’s stock worth $35,000 after buying an additional 574 shares during the last quarter. Macquarie Group Ltd. purchased a new position in ADTRAN during the 3rd quarter worth approximately $46,000. Point72 Hong Kong Ltd purchased a new position in ADTRAN during the 2nd quarter worth approximately $72,000. Finally, Group One Trading L.P. raised its position in ADTRAN by 228.4% during the 3rd quarter. Group One Trading L.P. now owns 4,023 shares of the communications equipment provider’s stock worth $79,000 after buying an additional 2,798 shares during the last quarter. 85.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ADTN shares. Needham & Company LLC reissued a “buy” rating and set a $28.00 price target on shares of ADTRAN in a research report on Wednesday, February 22nd. Cowen dropped their price objective on shares of ADTRAN from $34.00 to $31.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 22nd. Finally, StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Tuesday, February 21st. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $28.67.

ADTRAN Price Performance

Shares of NASDAQ ADTN opened at $16.28 on Friday. The firm’s 50 day simple moving average is $18.03 and its 200-day simple moving average is $19.52. ADTRAN Holdings, Inc. has a 12 month low of $15.50 and a 12 month high of $25.47. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -271.33 and a beta of 1.40.

ADTRAN Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 21st. Investors of record on Tuesday, March 7th will be paid a $0.09 dividend. The ex-dividend date is Monday, March 6th. This represents a $0.36 dividend on an annualized basis and a yield of 2.21%. ADTRAN’s dividend payout ratio is currently -600.00%.

ADTRAN Company Profile

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ADTRAN Holdings, Inc develops and provides network access solutions. It is a global provider of open, disaggregated networking and communications equipment that enable voice, data, video and internet communications across any network infrastructure. The company was founded in 1985 and is headquartered in Huntsville, AL.