UBS Asset Management Americas Inc. increased its position in ADTRAN, Inc. (NASDAQ:ADTN) by 21.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 39,501 shares of the communications equipment provider’s stock after buying an additional 6,867 shares during the period. UBS Asset Management Americas Inc.’s holdings in ADTRAN were worth $602,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the stock. Swiss National Bank increased its holdings in ADTRAN by 2.4% in the second quarter. Swiss National Bank now owns 88,900 shares of the communications equipment provider’s stock worth $1,356,000 after buying an additional 2,100 shares during the last quarter. Trexquant Investment LP increased its holdings in ADTRAN by 23.9% in the second quarter. Trexquant Investment LP now owns 14,142 shares of the communications equipment provider’s stock worth $216,000 after buying an additional 2,727 shares during the last quarter. Bank of Montreal Can increased its holdings in ADTRAN by 757.0% in the second quarter. Bank of Montreal Can now owns 4,499 shares of the communications equipment provider’s stock worth $69,000 after buying an additional 3,974 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in ADTRAN in the second quarter worth approximately $114,000. Finally, Jefferies Group LLC increased its holdings in ADTRAN by 68.8% in the second quarter. Jefferies Group LLC now owns 23,907 shares of the communications equipment provider’s stock worth $365,000 after buying an additional 9,748 shares during the last quarter. Hedge funds and other institutional investors own 91.19% of the company’s stock.
In other ADTRAN news, VP Roger D. Shannon sold 6,200 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $9.71, for a total transaction of $60,202.00. Following the transaction, the vice president now owns 12,809 shares in the company, valued at $124,375.39. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.52% of the company’s stock.
ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Wednesday, July 17th. The communications equipment provider reported $0.12 EPS for the quarter, beating the consensus estimate of $0.03 by $0.09. ADTRAN had a return on equity of 2.34% and a net margin of 0.85%. The company had revenue of $156.39 million for the quarter, compared to the consensus estimate of $155.95 million. Research analysts anticipate that ADTRAN, Inc. will post 0.05 earnings per share for the current fiscal year.
Several brokerages have commented on ADTN. MKM Partners downgraded ADTRAN from a “buy” rating to a “neutral” rating and lowered their price target for the company from $17.00 to $11.00 in a report on Thursday, October 10th. BidaskClub downgraded ADTRAN from a “sell” rating to a “strong sell” rating in a report on Tuesday. Northland Securities reiterated a “hold” rating and set a $10.00 price target on shares of ADTRAN in a report on Thursday, October 10th. Zacks Investment Research downgraded ADTRAN from a “buy” rating to a “hold” rating and set a $10.00 price target on the stock. in a report on Monday. Finally, ValuEngine upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating and six have given a hold rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $13.00.
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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