ATN International (NASDAQ:ATNI) Major Shareholder Cornelius Prior Jr Sells 7,000 Shares

Key Points

• Major shareholder Cornelius Prior Jr. sold 7,000 ATN International shares at an average price of $29.74, totaling $208,180. His remaining stake fell 8.6% to 74,436 shares.
• ATNI shares recently traded at $31.84, near their 12-month high of $33.41. The company increased its quarterly dividend to $0.29 per share, implying a 3.6% annualized yield.
• Analyst sentiment remains cautious, with the stock holding an average “Reduce” rating, while institutional investors own 65.5% of the company.

ATN International, Inc. (NASDAQ:ATNI - Get Free Report) major shareholder Cornelius Prior, Jr. sold 7,000 shares of the firm's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $29.74, for a total value of $208,180.00. Following the completion of the transaction, the insider directly owned 74,436 shares in the company, valued at $2,213,726.64. This trade represents a 8.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

ATN International Stock Down 0.4%

Shares of ATNI stock traded down $0.13 during trading hours on Monday, reaching $31.84. The company had a trading volume of 116,686 shares, compared to its average volume of 74,146. The company has a market capitalization of $489.72 million, a P/E ratio of 3.11, a price-to-earnings-growth ratio of 4.10 and a beta of 0.56. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.16 and a current ratio of 1.63. ATN International, Inc. has a twelve month low of $13.86 and a twelve month high of $33.41. The stock's fifty day simple moving average is $25.50 and its 200 day simple moving average is $26.30.

ATN International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 8th. Investors of record on Tuesday, June 30th were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 30th. This is a positive change from ATN International's previous quarterly dividend of $0.28. ATN International's dividend payout ratio (DPR) is 11.28%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ATNI shares. Wall Street Zen upgraded shares of ATN International from a "hold" rating to a "buy" rating in a report on Saturday. Weiss Ratings raised ATN International from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, May 13th. Finally, Zacks Research cut ATN International from a "hold" rating to a "strong sell" rating in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce".

Institutional Trading of ATN International

A number of hedge funds have recently made changes to their positions in ATNI. BlackRock Inc. bought a new position in ATN International in the 2nd quarter valued at about $24,457,000. Bank of New York Mellon Corp bought a new stake in shares of ATN International during the 2nd quarter worth about $3,323,000. Brown Brothers Harriman & Co. lifted its stake in shares of ATN International by 5.6% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 662,544 shares of the technology company's stock worth $9,918,000 after acquiring an additional 35,394 shares during the period. Marshall Wace LLP lifted its stake 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 worth $777,000 after acquiring an additional 27,714 shares during the period. Finally, Hillsdale Investment Management Inc. bought a new position in shares of ATN International in the fourth quarter valued at approximately $479,000. Institutional investors and hedge funds own 65.50% of the company's stock.

ATN International Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source