Millennium Management LLC decreased its stake in shares of ADTRAN, Inc. (NASDAQ:ADTN) by 2.1% in the 4th quarter, Holdings Channel reports. The firm owned 424,553 shares of the communications equipment provider’s stock after selling 8,975 shares during the quarter. Millennium Management LLC’s holdings in ADTRAN were worth $8,215,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Thrivent Financial For Lutherans increased its position in shares of ADTRAN by 694.7% in the fourth quarter. Thrivent Financial For Lutherans now owns 230,940 shares of the communications equipment provider’s stock worth $4,468,000 after acquiring an additional 201,880 shares in the last quarter. BlackRock Inc. increased its position in shares of ADTRAN by 3.3% in the fourth quarter. BlackRock Inc. now owns 6,219,111 shares of the communications equipment provider’s stock worth $120,339,000 after acquiring an additional 200,074 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of ADTRAN by 55.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 492,238 shares of the communications equipment provider’s stock worth $9,525,000 after acquiring an additional 176,332 shares in the last quarter. Dean Investment Associates LLC increased its position in shares of ADTRAN by 113.5% in the fourth quarter. Dean Investment Associates LLC now owns 282,226 shares of the communications equipment provider’s stock worth $5,461,000 after acquiring an additional 150,016 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of ADTRAN in the fourth quarter worth $2,390,000. 93.00% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently issued reports on ADTN. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price objective (down previously from $26.00) on shares of ADTRAN in a research report on Friday, January 12th. Jefferies Group reissued a “hold” rating and issued a $17.25 price objective on shares of ADTRAN in a research report on Thursday, January 18th. Cowen reaffirmed a “hold” rating and set a $16.00 price target on shares of ADTRAN in a report on Friday, December 29th. ValuEngine lowered shares of ADTRAN from a “hold” rating to a “sell” rating in a report on Thursday, March 1st. Finally, BidaskClub lowered shares of ADTRAN from a “sell” rating to a “strong sell” rating in a report on Friday, January 19th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $21.41.
ADTRAN (NASDAQ:ADTN) last released its quarterly earnings results on Tuesday, January 16th. The communications equipment provider reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.04. The business had revenue of $126.52 million during the quarter, compared to analyst estimates of $125.90 million. ADTRAN had a net margin of 3.58% and a return on equity of 7.95%. equities analysts forecast that ADTRAN, Inc. will post 0.54 earnings per share for the current year.
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ADTRAN Company Profile
ADTRAN, Inc provides networking and communications equipment worldwide. The company operates through two segments, Network Solutions and Services & Support. It offers access and aggregation solutions, including network management and subscriber services control and orchestration software within a SD-access architecture; SDN-controlled programmable network elements; fiber to the premises and fiber to the node (FTTN) multi-service access nodes (MSAN); fiber aggregation and FTTN MSAN; fiber to the distribution point optical network units; optical line terminals; optical networking edge aggregation; and IP digital subscriber line access multiplexers.
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