Connor Clark & Lunn Investment Management Ltd. Buys Shares of 38,872 ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Posted by Defense World Staff on Aug 25th, 2023

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 38,872 shares of the communications equipment provider’s stock, valued at approximately $617,000.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its stake in ADTRAN by 41.3% during the 2nd quarter. FMR LLC now owns 1,965 shares of the communications equipment provider’s stock valued at $35,000 after acquiring an additional 574 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in ADTRAN by 165.6% during the 1st quarter. Tower Research Capital LLC TRC now owns 2,223 shares of the communications equipment provider’s stock valued at $35,000 after acquiring an additional 1,386 shares in the last quarter. Macquarie Group Ltd. bought a new stake in ADTRAN during the 3rd quarter valued at $46,000. Quadrant Capital Group LLC raised its stake in ADTRAN by 232.0% during the 4th quarter. Quadrant Capital Group LLC now owns 2,384 shares of the communications equipment provider’s stock valued at $45,000 after acquiring an additional 1,666 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in ADTRAN during the 2nd quarter valued at $72,000. Institutional investors own 80.32% of the company’s stock.

ADTRAN Stock Performance

Shares of NASDAQ ADTN opened at $8.13 on Friday. The company has a quick ratio of 1.40, a current ratio of 2.75 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $639.67 million, a price-to-earnings ratio of -8.56 and a beta of 1.39. The stock’s fifty day simple moving average is $9.59 and its 200 day simple moving average is $11.62. ADTRAN Holdings, Inc. has a 52-week low of $7.00 and a 52-week high of $24.94.

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 issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date is Friday, August 18th. ADTRAN’s payout ratio is -37.89%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ADTN shares. TheStreet cut ADTRAN from a “c-” rating to a “d+” rating in a research report on Thursday, May 11th. StockNews.com started coverage on ADTRAN in a research report on Thursday, August 17th. They set a “sell” rating on the stock. Argus lowered their price target on ADTRAN from $30.00 to $16.00 in a research report on Monday, May 15th. Needham & Company LLC lowered their price target on ADTRAN from $15.00 to $12.00 in a research report on Wednesday, August 9th. Finally, Rosenblatt Securities lowered their price target on 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 given a buy rating to the company’s stock. According to data from MarketBeat, ADTRAN currently has an average rating of “Hold” and a consensus target price of $18.17.

Check Out Our Latest Stock Analysis on ADTN

About ADTRAN

(Free Report)

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.