Connor Clark & Lunn Investment Management Ltd. Takes Position in ADTRAN Holdings, Inc. $ADTN

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the second quarter, HoldingsChannel reports. The fund acquired 629,119 shares of the communications equipment provider’s stock, valued at approximately $8,745,000.

A number of other hedge funds also recently bought and sold shares of the company. Persistent Asset Partners Ltd bought a new position in ADTRAN during the second quarter valued at approximately $28,000. Quarry LP purchased a new stake in shares of ADTRAN in the 3rd quarter valued at $36,000. Kestra Advisory Services LLC bought a new position in shares of ADTRAN during the 4th quarter valued at $36,000. Caitong International Asset Management Co. Ltd purchased a new position in ADTRAN in the 4th quarter worth $47,000. Finally, Freestone Grove Partners LP bought a new stake in ADTRAN in the fourth quarter worth $87,000. Institutional investors own 80.56% of the company’s stock.

ADTRAN Price Performance

Shares of ADTRAN stock opened at $7.91 on Thursday. The company has a quick ratio of 1.19, a current ratio of 1.79 and a debt-to-equity ratio of 1.69. The company has a market cap of $644.51 million, a PE ratio of -28.25 and a beta of 1.47. The business has a 50 day moving average of $10.74 and a 200 day moving average of $12.59. ADTRAN Holdings, Inc. has a 52 week low of $7.11 and a 52 week high of $19.98.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.06). The company had revenue of $281.15 million during the quarter, compared to the consensus estimate of $290.19 million. ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. As a group, equities research analysts forecast that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ADTN shares. Craig Hallum set a $12.00 price objective on ADTRAN in a research note on Wednesday, August 5th. Northland Securities set a $15.00 target price on ADTRAN in a research note on Wednesday, August 5th. Evercore set a $11.00 target price on ADTRAN in a report on Wednesday, August 5th. Rosenblatt Securities reduced their price target on ADTRAN from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Finally, Wall Street Zen lowered ADTRAN from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, ADTRAN currently has an average rating of “Hold” and a consensus target price of $14.67.

ADTRAN Company Profile

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.