Zacks Investment Research lowered shares of ADTRAN, Inc. (NASDAQ:ADTN) from a buy rating to a hold rating in a research note published on Tuesday.

According to Zacks, “Shares of ADTRAN have outperformed the industry to which it belongs over the last three months. The company has an impressive earnings history having surpassed estimates in each of the last four quarters. ADTRAN’s efforts to reward shareholders also raise optimism. The company 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 is currently facing considerable volatility in its business owing to irregular capital spending by telecom carriers. Moreover, the company remains exposed to foreign currency related headwinds. Continuous increase in costs is concerning and have the potential to hurt results going forward.”

Several other analysts have also recently commented on ADTN. Needham & Company LLC raised their target price on shares of ADTRAN from $25.00 to $26.00 and gave the stock a buy rating in a research note on Thursday, August 10th. BidaskClub cut shares of ADTRAN from a sell rating to a strong sell rating in a research note on Wednesday, August 16th. Northland Securities restated a buy rating and issued a $28.00 target price on shares of ADTRAN in a research note on Tuesday, September 5th. Finally, Cowen and Company restated a market perform rating and issued a $18.00 target price (up previously from $16.00) on shares of ADTRAN in a research note on Saturday, July 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $24.14.

ADTRAN (ADTN) opened at 22.65 on Tuesday. ADTRAN has a 12-month low of $17.55 and a 12-month high of $24.05. The stock has a market cap of $1.08 billion, a PE ratio of 28.28 and a beta of 0.68. The firm has a 50-day moving average of $22.11 and a 200-day moving average of $20.97.

ADTRAN (NASDAQ:ADTN) last released its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.11. ADTRAN had a net margin of 5.68% and a return on equity of 8.39%. The company had revenue of $184.67 million during the quarter, compared to analysts’ expectations of $183.05 million. During the same quarter last year, the business earned $0.21 EPS. Equities analysts predict that ADTRAN will post $0.85 earnings per share for the current fiscal year.

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In other news, SVP Michael Foliano sold 24,000 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $23.77, for a total value of $570,480.00. Following the completion of the transaction, the senior vice president now owns 5,417 shares in the company, valued at approximately $128,762.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.96% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in ADTN. Teachers Advisors LLC increased its holdings in shares of ADTRAN by 5.7% in the 4th quarter. Teachers Advisors LLC now owns 85,426 shares of the communications equipment provider’s stock valued at $1,909,000 after purchasing an additional 4,602 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of ADTRAN by 1.5% in the 1st quarter. Louisiana State Employees Retirement System now owns 19,800 shares of the communications equipment provider’s stock valued at $411,000 after purchasing an additional 300 shares in the last quarter. Nationwide Fund Advisors increased its holdings in shares of ADTRAN by 69.3% in the 1st quarter. Nationwide Fund Advisors now owns 200,699 shares of the communications equipment provider’s stock valued at $4,165,000 after purchasing an additional 82,175 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of ADTRAN by 5.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 67,036 shares of the communications equipment provider’s stock valued at $1,388,000 after purchasing an additional 3,623 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of ADTRAN by 2.8% in the 1st quarter. Bank of New York Mellon Corp now owns 773,872 shares of the communications equipment provider’s stock valued at $16,059,000 after purchasing an additional 21,325 shares in the last quarter. Institutional investors and hedge funds own 89.46% of the company’s stock.

About ADTRAN

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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