ADTRAN, Inc. (ADTN) Upgraded to “Strong-Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of ADTRAN, Inc. (NASDAQ:ADTN) from a hold rating to a strong-buy rating in a research report report published on Friday. They currently have $25.00 price objective on the communications equipment provider’s stock.
According to Zacks, “Shares of ADTRAN have outperformed the industry to which it belongs over the last three months. Ushering in further good news, ADTRAN performed very well in the second quarter of 2017 reporting better than expected earnings per share and revenues. The impressive performance of its Network Solutions portfolio drove results. Sales from its services and support unit also displayed impressive growth in the quarter. Its efforts to reward shareholders also raise optimism. ADTRAN continues to impress with its lucrative product offering and solutions which are some of the best in the industry. The company's efforts to expand internationally are also encouraging. However, the company remains exposed to foreign currency related headwinds.”
ADTN has been the subject of a number of other research reports. Northland Securities reaffirmed a buy rating and issued a $24.00 price target on shares of ADTRAN in a report on Tuesday, July 4th. Needham & Company LLC increased their price objective on shares of ADTRAN from $24.00 to $25.00 and gave the stock a buy rating in a research note on Thursday. Argus upgraded shares of ADTRAN from a hold rating to a buy rating and set a $25.00 price objective on the stock in a research note on Thursday, April 20th. Finally, MKM Partners reiterated a buy rating and issued a $26.50 price objective (down previously from $27.50) on shares of ADTRAN in a research note on Monday, April 24th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. ADTRAN has a consensus rating of Buy and an average target price of $23.43.
ADTRAN (NASDAQ ADTN) traded down 2.10% during midday trading on Friday, reaching $23.30. 456,317 shares of the company’s stock were exchanged. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of 30.66 and a beta of 0.62. The stock’s 50-day moving average is $20.52 and its 200-day moving average is $20.85. ADTRAN has a 12-month low of $17.55 and a 12-month high of $23.90.
ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.11. The business had revenue of $184.67 million during the quarter, compared to analysts’ expectations of $183.05 million. ADTRAN had a net margin of 5.68% and a return on equity of 8.39%. During the same quarter last year, the company posted $0.21 earnings per share. On average, equities analysts forecast that ADTRAN will post $0.81 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Thursday, August 3rd will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date is Tuesday, August 1st. ADTRAN’s dividend payout ratio (DPR) is presently 43.90%.
Large investors have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in ADTRAN by 1.1% in the fourth quarter. FMR LLC now owns 100,051 shares of the communications equipment provider’s stock worth $2,236,000 after buying an additional 1,055 shares during the period. State Street Corp increased its stake in ADTRAN by 9.6% in the fourth quarter. State Street Corp now owns 1,187,312 shares of the communications equipment provider’s stock worth $26,537,000 after buying an additional 103,899 shares during the period. TFS Capital LLC bought a new stake in ADTRAN during the first quarter worth about $514,000. OppenheimerFunds Inc. increased its stake in ADTRAN by 35.7% in the first quarter. OppenheimerFunds Inc. now owns 23,037 shares of the communications equipment provider’s stock worth $478,000 after buying an additional 6,061 shares during the period. Finally, FIL Ltd increased its stake in ADTRAN by 13.2% in the first quarter. FIL Ltd now owns 1,012,410 shares of the communications equipment provider’s stock worth $21,008,000 after buying an additional 118,382 shares during the period. 91.50% of the stock is currently owned by institutional investors and hedge funds.
ADTRAN, Inc (ADTRAN) 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: Network Solutions and Services & Support. Network Solutions includes software and hardware products that enable CSPs and enterprise customers to realize a fully connected world.
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