Zacks Investment Research Upgrades Atlantic Tele-Network Inc. (ATNI) to “Hold”
Atlantic Tele-Network Inc. (NASDAQ:ATNI) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “ATN International, Inc. invests, own and operate communications companies and renewable energy assets. The company through its operating subsidiaries provide wireless and wireline connectivity to residential and business customers including mobile wireless solutions, local exchange services and broadband internet services; distributed solar electric power to corporate, utility and municipal customers and owner and operator of terrestrial and submarine fiber optic transport systems primarily in the United States and the Caribbean. ATN International Inc., formerly known as Atlantic Tele-Network, Inc., is based in Beverly, United States. “
Separately, Drexel Hamilton initiated coverage on shares of Atlantic Tele-Network in a research note on Wednesday, June 22nd. They issued a “buy” rating for the company.
Atlantic Tele-Network (NASDAQ:ATNI) traded up 1.31% during trading on Monday, hitting $65.89. 48,042 shares of the stock traded hands. The company has a 50-day moving average price of $65.60 and a 200-day moving average price of $72.27. The stock has a market cap of $1.06 billion, a PE ratio of 77.34 and a beta of 0.86. Atlantic Tele-Network has a 12 month low of $62.70 and a 12 month high of $83.80.
Atlantic Tele-Network (NASDAQ:ATNI) last released its quarterly earnings results on Wednesday, July 27th. The company reported ($0.59) EPS for the quarter, missing the Zacks’ consensus estimate of $0.08 by $0.67. Atlantic Tele-Network had a return on equity of 2.16% and a net margin of 3.73%. The company earned $100 million during the quarter, compared to analysts’ expectations of $94.67 million. Equities research analysts expect that Atlantic Tele-Network will post $0.85 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Friday, September 30th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Wednesday, September 28th. This is a boost from Atlantic Tele-Network’s previous quarterly dividend of $0.32. Atlantic Tele-Network’s payout ratio is currently 158.14%.
In related news, VP William F. Kreisher purchased 1,446 shares of the business’s stock in a transaction on Wednesday, August 10th. The stock was acquired at an average price of $67.17 per share, with a total value of $97,127.82. Following the purchase, the vice president now directly owns 39,572 shares in the company, valued at $2,658,051.24. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael T. Prior sold 531 shares of the company’s stock in a transaction on Monday, July 11th. The shares were sold at an average price of $80.46, for a total transaction of $42,724.26. Following the completion of the sale, the chief executive officer now directly owns 369,778 shares of the company’s stock, valued at approximately $29,752,337.88. The disclosure for this sale can be found here. 33.60% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its stake in shares of Atlantic Tele-Network by 17.1% in the first quarter. Renaissance Technologies LLC now owns 355,295 shares of the company’s stock worth $26,942,000 after buying an additional 51,895 shares during the period. Macquarie Group Ltd. boosted its stake in shares of Atlantic Tele-Network by 27.7% in the second quarter. Macquarie Group Ltd. now owns 247,433 shares of the company’s stock worth $19,253,000 after buying an additional 53,697 shares during the period. Norges Bank acquired a new stake in shares of Atlantic Tele-Network during the fourth quarter worth about $9,919,000. Global Alpha Capital Management Ltd. boosted its stake in shares of Atlantic Tele-Network by 1.9% in the first quarter. Global Alpha Capital Management Ltd. now owns 60,984 shares of the company’s stock worth $4,624,000 after buying an additional 1,150 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in shares of Atlantic Tele-Network by 4.0% in the second quarter. Ameriprise Financial Inc. now owns 52,346 shares of the company’s stock worth $4,074,000 after buying an additional 1,990 shares during the period. 58.02% of the stock is owned by institutional investors.
About Atlantic Tele-Network
ATN International, Inc, formerly Atlantic Tele-Network, Inc, is a holding company. The Company, through its subsidiaries, provides wireless and wireline telecommunications services in North America, Bermuda and the Caribbean; owns and operates commercial distributed generation solar power systems in the United States, and owns and operates terrestrial and submarine fiber optic transport systems in the United States and the Caribbean, respectively.
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