Adtran Inc. (ADTN) Trading Up 6.7% After Dividend Announcement
Shares of Adtran Inc. (NASDAQ:ADTN) traded up 6.7% during trading on Wednesday following a dividend announcement from the company. The stock traded as high as $19.95 and last traded at $19.85, with a volume of 924,686 shares traded. The stock had previously closed at $18.60.
The newly announced dividend which will be paid on Thursday, November 17th. Stockholders of record on Thursday, November 3rd will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend is Tuesday, November 1st. Adtran’s payout ratio is 63.16%.
A number of analysts have recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $22.00 price target on shares of Adtran in a research report on Thursday, July 14th. MKM Partners reiterated a “buy” rating and set a $24.00 price target on shares of Adtran in a research report on Sunday, July 17th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. Adtran has a consensus rating of “Hold” and an average target price of $22.05.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/19/adtran-inc-adtn-trading-up-6-7-after-dividend-announcement.html
The stock’s 50-day moving average price is $18.74 and its 200 day moving average price is $18.74. The stock has a market capitalization of $965.54 million, a PE ratio of 35.37 and a beta of 0.95.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Eqis Capital Management Inc. boosted its position in shares of Adtran by 6.3% in the second quarter. Eqis Capital Management Inc. now owns 10,946 shares of the company’s stock worth $204,000 after buying an additional 646 shares in the last quarter. CHICAGO TRUST Co NA acquired a new position in shares of Adtran during the second quarter worth approximately $199,000. BNP Paribas Arbitrage SA boosted its position in shares of Adtran by 112.0% in the second quarter. BNP Paribas Arbitrage SA now owns 15,257 shares of the company’s stock worth $285,000 after buying an additional 8,060 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Adtran during the first quarter worth approximately $584,000. Finally, Skyline Asset Management LP boosted its position in shares of Adtran by 10.4% in the first quarter. Skyline Asset Management LP now owns 948,500 shares of the company’s stock worth $19,179,000 after buying an additional 89,400 shares in the last quarter. Hedge funds and other institutional investors own 96.13% of the company’s stock.
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.
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.