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 research report issued to clients and 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 assumed coverage on shares of Atlantic Tele-Network in a research note on Wednesday, June 22nd. They set a “buy” rating on the stock.
Shares of Atlantic Tele-Network (NASDAQ:ATNI) traded up 1.31% during midday trading on Monday, hitting $65.89. 48,042 shares of the stock were exchanged. The company has a market capitalization of $1.06 billion, a P/E ratio of 77.34 and a beta of 0.86. Atlantic Tele-Network has a 1-year low of $62.70 and a 1-year high of $83.80. The firm has a 50-day moving average of $65.60 and a 200-day moving average of $72.27.
Atlantic Tele-Network (NASDAQ:ATNI) last released its earnings results on Wednesday, July 27th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $100 million for the quarter, compared to the consensus estimate of $94.67 million. On average, equities analysts expect that Atlantic Tele-Network will post $0.85 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.34 per share. This is a boost from Atlantic Tele-Network’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.36 dividend on an annualized basis and a yield of 2.09%. Atlantic Tele-Network’s dividend payout ratio (DPR) is presently 158.14%.
In other news, CEO Michael T. Prior sold 531 shares of Atlantic Tele-Network stock in a transaction that occurred 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 sale, the chief executive officer now owns 369,778 shares in the company, valued at $29,752,337.88. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP William F. Kreisher acquired 1,446 shares of Atlantic Tele-Network stock in a transaction dated Wednesday, August 10th. The shares were bought at an average price of $67.17 per share, for a total transaction of $97,127.82. Following the transaction, the vice president now owns 39,572 shares of the company’s stock, valued at $2,658,051.24. The disclosure for this purchase can be found here. Company insiders own 33.60% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. PineBridge Investments L.P. boosted its stake in Atlantic Tele-Network by 6.6% in the second quarter. PineBridge Investments L.P. now owns 1,372 shares of the company’s stock valued at $107,000 after buying an additional 85 shares during the last quarter. First Mercantile Trust Co. bought a new stake in Atlantic Tele-Network during the second quarter valued at about $126,000. Legal & General Group Plc boosted its stake in Atlantic Tele-Network by 31.6% in the first quarter. Legal & General Group Plc now owns 2,308 shares of the company’s stock valued at $176,000 after buying an additional 554 shares during the last quarter. Royal Bank of Canada boosted its stake in Atlantic Tele-Network by 9.3% in the first quarter. Royal Bank of Canada now owns 2,841 shares of the company’s stock valued at $215,000 after buying an additional 241 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in Atlantic Tele-Network by 92.7% in the second quarter. BNP Paribas Arbitrage SA now owns 3,521 shares of the company’s stock valued at $274,000 after buying an additional 1,694 shares during the last quarter. Hedge funds and other institutional investors own 58.02% of the company’s stock.
Atlantic Tele-Network Company Profile
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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