Traders Purchase Large Volume of ADTRAN Put Options (ADTN)

ADTRAN, Inc. (NASDAQ:ADTN) saw some unusual options trading activity on Tuesday. Investors purchased 2,178 put options on the stock. This is an increase of 1,811% compared to the typical daily volume of 114 put options.

Shares of ADTRAN (ADTN) opened at $19.25 on Friday. The stock has a market cap of $926.88, a price-to-earnings ratio of 21.88, a P/E/G ratio of 2.14 and a beta of 0.77. ADTRAN has a fifty-two week low of $18.65 and a fifty-two week high of $25.10. The company has a quick ratio of 2.43, a current ratio of 3.36 and a debt-to-equity ratio of 0.05.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Tuesday, October 17th. The communications equipment provider reported $0.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.13. The firm had revenue of $185.11 million during the quarter, compared to analysts’ expectations of $185.43 million. ADTRAN had a net margin of 6.05% and a return on equity of 9.05%. analysts anticipate that ADTRAN will post 0.88 EPS for the current fiscal year.

ADTN has been the topic of a number of research reports. BidaskClub downgraded shares of ADTRAN from a “hold” rating to a “sell” rating in a research note on Saturday, December 30th. MKM Partners dropped their price target on shares of ADTRAN from $27.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, December 29th. Zacks Investment Research downgraded shares of ADTRAN from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 23rd. Cowen reaffirmed a “hold” rating and issued a $16.00 price target on shares of ADTRAN in a research note on Friday, December 29th. Finally, Northland Securities set a $28.00 price target on shares of ADTRAN and gave the stock a “buy” rating in a research note on Wednesday, October 18th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $23.79.

In other news, SVP Kevin P. Heering sold 9,809 shares of the company’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $21.60, for a total value of $211,874.40. Following the transaction, the senior vice president now directly owns 10,162 shares of the company’s stock, valued at $219,499.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Raymond R. Schansman sold 48,056 shares of the company’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $21.70, for a total transaction of $1,042,815.20. Following the completion of the transaction, the senior vice president now directly owns 11,658 shares in the company, valued at $252,978.60. The disclosure for this sale can be found here. 2.96% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of ADTN. Marshall Wace North America L.P. bought a new stake in ADTRAN during the second quarter valued at about $728,000. Renaissance Technologies LLC boosted its holdings in ADTRAN by 25.4% during the second quarter. Renaissance Technologies LLC now owns 1,620,128 shares of the communications equipment provider’s stock valued at $33,456,000 after acquiring an additional 328,600 shares during the period. Granite Investment Partners LLC boosted its holdings in ADTRAN by 6.1% during the third quarter. Granite Investment Partners LLC now owns 562,588 shares of the communications equipment provider’s stock valued at $13,502,000 after acquiring an additional 32,519 shares during the period. State Street Corp boosted its holdings in ADTRAN by 4.3% during the second quarter. State Street Corp now owns 1,332,947 shares of the communications equipment provider’s stock valued at $27,527,000 after acquiring an additional 54,671 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in ADTRAN by 46.6% during the second quarter. JPMorgan Chase & Co. now owns 258,431 shares of the communications equipment provider’s stock valued at $5,336,000 after acquiring an additional 82,134 shares during the period. Hedge funds and other institutional investors own 91.37% of the company’s stock.

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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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