Adtran Inc. Declares Quarterly Dividend of $0.09 (ADTN)
Adtran Inc. (NASDAQ:ADTN) announced a quarterly dividend on Tuesday, October 18th. Stockholders of record on Thursday, November 3rd will be paid a dividend of 0.09 per share on Thursday, November 17th. This represents a $0.36 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Tuesday, November 1st.
Shares of Adtran (NASDAQ:ADTN) traded up 2.76% during midday trading on Tuesday, hitting $18.60. 453,581 shares of the stock traded hands. The firm has a 50-day moving average price of $18.74 and a 200-day moving average price of $18.75. Adtran has a 52 week low of $13.92 and a 52 week high of $21.43. The stock has a market capitalization of $900.20 million, a P/E ratio of 32.98 and a beta of 0.95.
ADTN has been the topic of several research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price target on shares of Adtran in a report on Thursday, July 14th. MKM Partners reaffirmed a “buy” rating and set a $24.00 price target on shares of Adtran in a report on Sunday, July 17th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $22.05.
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Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Advisors LLC increased its position in shares of Adtran by 5.1% in the second quarter. BlackRock Advisors LLC now owns 23,676 shares of the company’s stock worth $442,000 after buying an additional 1,143 shares during the period. BlackRock Inc. increased its position in shares of Adtran by 115.0% in the second quarter. BlackRock Inc. now owns 7,917 shares of the company’s stock worth $148,000 after buying an additional 4,235 shares during the period. BlackRock Fund Advisors increased its position in shares of Adtran by 3.0% in the second quarter. BlackRock Fund Advisors now owns 3,232,931 shares of the company’s stock worth $60,294,000 after buying an additional 93,523 shares during the period. BlackRock Group LTD increased its position in shares of Adtran by 4.9% in the second quarter. BlackRock Group LTD now owns 70,427 shares of the company’s stock worth $1,313,000 after buying an additional 3,265 shares during the period. Finally, Trexquant Investment LP increased its position in shares of Adtran by 50.5% in the second quarter. Trexquant Investment LP now owns 24,637 shares of the company’s stock worth $459,000 after buying an additional 8,262 shares during the period. Hedge funds and other institutional investors own 96.13% of the company’s stock.
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.
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