ATN International (NASDAQ:ATNI) Announces Quarterly Earnings Results, Misses Expectations By $4.22 EPS

Key Points

• ATN International reported a significant earnings miss: quarterly EPS was negative $4.10, falling $4.22 short of the $0.12 consensus estimate. The company posted a negative net margin of 1.20%.
• The stock declined and analyst sentiment remained weak: shares fell to $24.01, while coverage included one Hold and one Sell rating, resulting in an average “Reduce” recommendation.
• ATN raised its quarterly dividend to $0.29 per share, equivalent to a $1.16 annualized payout and a 4.8% yield, although its payout ratio was negative 117.17%.

ATN International (NASDAQ:ATNI - Get Free Report) posted its quarterly earnings data on Wednesday. The technology company reported ($4.10) earnings per share for the quarter, missing the consensus estimate of $0.12 by ($4.22), Zacks reports. ATN International had a positive return on equity of 0.55% and a negative net margin of 1.20%.

ATN International Price Performance

Shares of ATNI traded down $1.12 during mid-day trading on Wednesday, hitting $24.01. The company's stock had a trading volume of 82,854 shares, compared to its average volume of 72,302. The firm has a 50-day moving average price of $25.47 and a 200 day moving average price of $26.17. The stock has a market capitalization of $369.27 million, a price-to-earnings ratio of -24.25, a PEG ratio of 4.11 and a beta of 0.56. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.21 and a quick ratio of 1.16. ATN International has a fifty-two week low of $13.86 and a fifty-two week high of $30.45.

ATN International Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 8th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.29 per share. This is a positive change from ATN International's previous quarterly dividend of $0.28. The ex-dividend date was Tuesday, June 30th. This represents a $1.16 annualized dividend and a dividend yield of 4.8%. ATN International's payout ratio is -117.17%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Weiss Ratings raised shares of ATN International from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, May 13th. Zacks Research cut ATN International from a "hold" rating to a "strong sell" rating in a report on Friday, July 10th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Reduce".

Insider Buying and Selling

In related news, major shareholder Cornelius B. Prior, Jr. sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $27.65, for a total transaction of $138,250.00. Following the completion of the sale, the insider directly owned 81,436 shares in the company, valued at approximately $2,251,705.40. This trade represents a 5.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 88,564 shares of company stock worth $2,457,901 over the last ninety days. 5.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ATN International

Large investors have recently modified their holdings of the stock. Strs Ohio acquired a new position in shares of ATN International in the 1st quarter worth $138,000. Marshall Wace LLP boosted its position in shares of ATN International by 137.9% in the 2nd quarter. Marshall Wace LLP now owns 47,804 shares of the technology company's stock valued at $777,000 after purchasing an additional 27,714 shares during the period. Gamco Investors INC. ET AL boosted its position in shares of ATN International by 17.1% in the 2nd quarter. Gamco Investors INC. ET AL now owns 70,221 shares of the technology company's stock valued at $1,141,000 after purchasing an additional 10,253 shares during the period. Ameriprise Financial Inc. increased its stake in ATN International by 7.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 35,886 shares of the technology company's stock worth $583,000 after purchasing an additional 2,397 shares in the last quarter. Finally, Brown Brothers Harriman & Co. raised its holdings in ATN International by 5.6% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 662,544 shares of the technology company's stock worth $9,918,000 after buying an additional 35,394 shares during the period. 65.50% of the stock is owned by institutional investors.

About ATN International

ATN International, Inc NASDAQ: ATNI is a diversified provider of telecommunications services that operates through a combination of wireless, wireline and broadband networks. Headquartered in Beverly, Massachusetts, the company offers a range of voice and data solutions to residential, commercial and wholesale customers. Its core offerings include long-distance voice services, fixed-line telephony, broadband internet access and network infrastructure solutions.

Through its business segments, ATN delivers tailored communications products to underserved markets across the Caribbean, Latin America, parts of the Pacific and select rural regions of the United States.

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