ADTRAN (NASDAQ:ADTN) Cut to “Sell” at ValuEngine

ValuEngine lowered shares of ADTRAN (NASDAQ:ADTN) from a hold rating to a sell rating in a report released on Friday morning, ValuEngine reports.

ADTN has been the topic of a number of other research reports. Zacks Investment Research lowered Horiba from a hold rating to a sell rating in a research note on Wednesday, May 22nd. BidaskClub raised Westport Fuel Systems from a hold rating to a buy rating in a research note on Friday, July 12th. MKM Partners decreased their price objective on ADTRAN to $17.00 and set a buy rating on the stock in a research note on Friday. Finally, Cowen set a $75.00 price objective on Baxter International and gave the company a hold rating in a research note on Monday, April 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $18.80.

ADTN opened at $11.53 on Friday. The firm has a market capitalization of $551.24 million, a price-to-earnings ratio of -24.53, a P/E/G ratio of 10.64 and a beta of 1.25. ADTRAN has a 52 week low of $10.21 and a 52 week high of $19.30. The firm’s fifty day moving average is $15.69.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Thursday, August 1st will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date is Wednesday, July 31st. ADTRAN’s payout ratio is -76.60%.

In other ADTRAN news, VP Roger D. Shannon sold 5,701 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $17.65, for a total value of $100,622.65. Following the sale, the vice president now directly owns 19,009 shares of the company’s stock, valued at approximately $335,508.85. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.52% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of ADTN. Norges Bank acquired a new stake in ADTRAN in the 4th quarter worth about $6,121,000. JPMorgan Chase & Co. boosted its stake in ADTRAN by 160.4% in the 1st quarter. JPMorgan Chase & Co. now owns 369,989 shares of the communications equipment provider’s stock worth $5,069,000 after buying an additional 227,882 shares during the last quarter. BlackRock Inc. boosted its stake in ADTRAN by 2.4% in the 4th quarter. BlackRock Inc. now owns 7,294,881 shares of the communications equipment provider’s stock worth $78,347,000 after buying an additional 171,075 shares during the last quarter. Millennium Management LLC boosted its stake in ADTRAN by 77.6% in the 4th quarter. Millennium Management LLC now owns 352,870 shares of the communications equipment provider’s stock worth $3,790,000 after buying an additional 154,189 shares during the last quarter. Finally, Two Sigma Investments LP acquired a new stake in ADTRAN in the 4th quarter worth about $1,049,000. 91.30% of the stock is currently owned by hedge funds and other institutional investors.

About ADTRAN

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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Analyst Recommendations for ADTRAN (NASDAQ:ADTN)

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