Stoneridge Investment Partners LLC purchased a new stake in shares of Adtran Inc. (NASDAQ:ADTN) during the second quarter, Holdings Channel reports. The fund purchased 55,753 shares of the company’s stock, valued at approximately $1,040,000. Stoneridge Investment Partners LLC owned about 0.11% of Adtran at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. BlackRock Institutional Trust Company N.A. raised its stake in Adtran by 1.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,240,179 shares of the company’s stock valued at $25,076,000 after buying an additional 16,306 shares during the period. Renaissance Technologies LLC raised its stake in Adtran by 23.0% in the first quarter. Renaissance Technologies LLC now owns 1,161,700 shares of the company’s stock valued at $23,490,000 after buying an additional 217,472 shares during the period. Skyline Asset Management LP raised its stake in Adtran by 10.4% in the first quarter. Skyline Asset Management LP now owns 948,500 shares of the company’s stock valued at $19,179,000 after buying an additional 89,400 shares during the period. Kennedy Capital Management Inc. raised its stake in Adtran by 0.4% in the first quarter. Kennedy Capital Management Inc. now owns 506,798 shares of the company’s stock valued at $10,247,000 after buying an additional 1,943 shares during the period. Finally, Norges Bank bought a new stake in Adtran during the fourth quarter valued at $8,389,000. 96.10% of the stock is owned by institutional investors and hedge funds.
Adtran Inc. (NASDAQ:ADTN) traded down 1.92% during mid-day trading on Friday, hitting $18.95. The stock had a trading volume of 263,871 shares. The firm has a market capitalization of $917.14 million, a price-to-earnings ratio of 33.60 and a beta of 1.05. The stock’s 50 day moving average price is $18.39 and its 200 day moving average price is $18.82. Adtran Inc. has a one year low of $13.92 and a one year high of $21.43.
Several equities research analysts recently weighed in on the company. Needham & Company LLC restated a “buy” rating and issued a $22.00 target price on shares of Adtran in a report on Thursday, July 14th. MKM Partners restated a “buy” rating and issued a $24.00 target price on shares of Adtran in a report on Sunday, July 17th. Finally, Zacks Investment Research lowered Adtran from a “buy” rating to a “hold” rating in a report on Tuesday, June 14th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $22.05.
Adtran Company Profile
ADTRAN, Inc is a provider of networking and communications equipment. The Company’s solutions enable voice, data, video and Internet communications across a range of network infrastructures. It operates through two segments: the Carrier Networks Division and the Enterprise Networks Division. Its Carrier Networks Division supplies the network access products, services and supports that service providers require to connect their customers to transmission and switching networks.
Want to see what other hedge funds are holding ADTN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adtran Inc. (NASDAQ:ADTN).
Receive News & Ratings for Adtran Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adtran Inc. and related companies with MarketBeat.com's FREE daily email newsletter.