Bank of New York Mellon Corp Has $6.73 Million Holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Bank of New York Mellon Corp lessened its holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 0.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 808,228 shares of the communications equipment provider’s stock after selling 6,622 shares during the period. Bank of New York Mellon Corp’s holdings in ADTRAN were worth $6,733,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its position in ADTRAN by 39.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider’s stock worth $7,708,000 after buying an additional 263,156 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of ADTRAN by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock valued at $10,736,000 after buying an additional 63,960 shares during the period. State Street Corp grew its holdings in shares of ADTRAN by 2.8% in the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock valued at $10,484,000 after buying an additional 48,542 shares during the period. Quantinno Capital Management LP acquired a new position in ADTRAN in the 3rd quarter worth $120,000. Finally, Point72 Asset Management L.P. acquired a new position in ADTRAN in the 3rd quarter worth $114,000. Institutional investors own 80.56% of the company’s stock.

Analyst Ratings Changes

ADTN has been the subject of a number of recent research reports. Needham & Company LLC increased their price objective on shares of ADTRAN from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Northland Securities raised their target price on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Rosenblatt Securities reaffirmed a “buy” rating and set a $15.00 target price on shares of ADTRAN in a report on Friday, February 28th. Finally, Craig Hallum started coverage on shares of ADTRAN in a research report on Wednesday, January 8th. They set a “buy” rating and a $15.00 price target on the stock. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ADTRAN presently has a consensus rating of “Buy” and a consensus price target of $13.50.

ADTRAN Price Performance

ADTN stock opened at $9.10 on Monday. The company has a fifty day moving average price of $10.36 and a 200-day moving average price of $8.17. The company has a market capitalization of $726.73 million, a P/E ratio of -1.40 and a beta of 1.29. ADTRAN Holdings, Inc. has a 52-week low of $4.34 and a 52-week high of $12.44. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10.

ADTRAN 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.