First Eagle Investment Management LLC Purchases 275,500 Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN)

First Eagle Investment Management LLC raised its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 67.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 681,807 shares of the communications equipment provider’s stock after buying an additional 275,500 shares during the period. First Eagle Investment Management LLC owned about 0.86% of ADTRAN worth $3,586,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Dynamic Technology Lab Private Ltd purchased a new stake in ADTRAN in the fourth quarter worth about $306,000. William Blair Investment Management LLC raised its position in shares of ADTRAN by 22.5% during the 1st quarter. William Blair Investment Management LLC now owns 4,456,067 shares of the communications equipment provider’s stock valued at $24,241,000 after purchasing an additional 817,762 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in shares of ADTRAN during the 4th quarter valued at $507,000. Inspire Investing LLC bought a new position in ADTRAN in the 1st quarter worth $356,000. Finally, Victory Capital Management Inc. increased its stake in ADTRAN by 28.4% in the 4th quarter. Victory Capital Management Inc. now owns 15,041 shares of the communications equipment provider’s stock worth $110,000 after buying an additional 3,326 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

ADTRAN Trading Down 1.7 %

Shares of ADTN stock opened at $5.74 on Friday. The stock’s 50-day moving average price is $5.58 and its 200-day moving average price is $5.35. ADTRAN Holdings, Inc. has a 12-month low of $4.34 and a 12-month high of $8.56. The stock has a market capitalization of $454.13 million, a price-to-earnings ratio of -0.83 and a beta of 1.19. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.86.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Monday, August 5th. The communications equipment provider reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.14). ADTRAN had a negative return on equity of 29.26% and a negative net margin of 58.64%. The firm had revenue of $225.99 million for the quarter, compared to analysts’ expectations of $225.95 million. Equities research analysts predict that ADTRAN Holdings, Inc. will post -0.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ADTN. Needham & Company LLC restated a “buy” rating and issued a $8.00 price objective on shares of ADTRAN in a research report on Thursday, August 8th. StockNews.com downgraded ADTRAN from a “hold” rating to a “sell” rating in a research note on Thursday, September 5th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $6.00 price objective on shares of ADTRAN in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.17.

ADTRAN Company Profile

ADTRAN Holdings, Inc, through its subsidiaries, provides networking and communications platforms, software, systems, and services in the United States, Germany, the United Kingdom, and internationally. It operates through two segments, Network Solutions, and Services & Support. It offers residential gateways; ethernet passive optical network ONUs; gigabit passive optical network/XGS-PON ONTs; traditional SSE, routers, and switches; edge cloud; carrier ethernet network interface devices; Optical Line Terminals; Packet Aggregation, Copper Access, and Oscilloquartz; optical transport and engine solutions; infrastructure monitoring solution; and training, professional, software, and managed services.