ExodusPoint Capital Management LP Buys Shares of 85,373 ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Posted by Defense World Staff on Sep 4th, 2023

ExodusPoint Capital Management LP bought a new position in ADTRAN Holdings, Inc. (NASDAQ:ADTN – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 85,373 shares of the communications equipment provider’s stock, valued at approximately $1,354,000. ExodusPoint Capital Management LP owned approximately 0.11% of ADTRAN at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. raised its position in ADTRAN by 1.9% in the 1st quarter. BlackRock Inc. now owns 8,292,542 shares of the communications equipment provider’s stock worth $152,998,000 after buying an additional 152,474 shares during the last quarter. Vanguard Group Inc. lifted its position in ADTRAN by 43.9% during the third quarter. Vanguard Group Inc. now owns 7,539,783 shares of the communications equipment provider’s stock valued at $147,629,000 after purchasing an additional 2,298,501 shares during the period. DnB Asset Management AS lifted its position in ADTRAN by 7.6% during the first 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 during the period. State Street Corp boosted its holdings in ADTRAN by 40.6% in the third quarter. State Street Corp now owns 2,328,697 shares of the communications equipment provider’s stock worth $45,596,000 after purchasing an additional 672,282 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its position in ADTRAN by 6.6% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,157,396 shares of the communications equipment provider’s stock worth $40,537,000 after purchasing an additional 133,394 shares during the period. 81.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ADTN has been the topic of several research analyst reports. TheStreet cut ADTRAN from a “c-” rating to a “d+” rating in a report on Thursday, May 11th. Argus dropped their target price on ADTRAN from $30.00 to $16.00 in a research report on Monday, May 15th. Needham & Company LLC cut their price target on ADTRAN from $15.00 to $12.00 in a research note on Wednesday, August 9th. StockNews.com began coverage on shares of ADTRAN in a research note on Thursday, August 17th. They issued a “sell” rating on the stock. Finally, Rosenblatt Securities cut their target price on shares of ADTRAN from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.17.

View Our Latest Research Report on ADTRAN

ADTRAN Trading Up 1.1 %

ADTRAN stock opened at $8.64 on Monday. The company has a current ratio of 2.75, a quick ratio of 1.40 and a debt-to-equity ratio of 0.26. ADTRAN Holdings, Inc. has a 12-month low of $7.00 and a 12-month high of $23.21. The firm has a market capitalization of $679.81 million, a price-to-earnings ratio of -9.09 and a beta of 1.39. The firm has a 50 day moving average of $9.34 and a 200 day moving average of $11.20.

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

ADTRAN Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st will be issued 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 yield of 4.17%. ADTRAN’s dividend payout ratio is presently -37.89%.

ADTRAN Profile

(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.