Bank of New York Mellon Corp Takes $7.14 Million Position in Anterix Inc. $ATEX

Key Points

• Bank of New York Mellon acquired 69,374 Anterix shares worth approximately $7.14 million, giving it a 0.36% stake. Institutional investors collectively own 87.67% of ATEX.
• Analysts maintain a generally positive outlook, with Anterix carrying a “Moderate Buy” consensus rating and a $120 average price target; targets range from $69 to $161.
• Anterix shares opened at $87.10, while recent insider sales totaled 205,602 shares worth about $17.54 million. The company’s latest quarterly EPS of $0.01 exceeded estimates, though revenue of $1.96 million was slightly below expectations.

Bank of New York Mellon Corp purchased a new position in Anterix Inc. (NASDAQ:ATEX - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 69,374 shares of the company's stock, valued at approximately $7,141,000. Bank of New York Mellon Corp owned approximately 0.36% of Anterix at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. Parallel Advisors LLC increased its stake in Anterix by 63.7% in the 1st quarter. Parallel Advisors LLC now owns 933 shares of the company's stock valued at $36,000 after buying an additional 363 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Anterix by 299.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company's stock valued at $42,000 after buying an additional 1,233 shares during the period. Fifth Third Bancorp purchased a new position in shares of Anterix during the 1st quarter valued at $64,000. BNP Paribas Financial Markets grew its holdings in shares of Anterix by 119.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company's stock valued at $62,000 after acquiring an additional 1,308 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Anterix in the third quarter worth $57,000. 87.67% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on ATEX. Clear Str upgraded Anterix to a "strong-buy" rating in a report on Monday, July 27th. DA Davidson set a $161.00 price target on Anterix in a report on Friday, August 21st. B. Riley Financial lowered shares of Anterix from a "buy" rating to a "neutral" rating and raised their price target for the stock from $44.00 to $69.00 in a research report on Thursday, June 4th. Weiss Ratings upgraded shares of Anterix from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, June 26th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Anterix from $133.00 to $130.00 and set an "overweight" rating for the company in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $120.00.

Anterix Price Performance

Shares of Anterix stock opened at $87.10 on Friday. Anterix Inc. has a 52-week low of $17.58 and a 52-week high of $113.00. The firm has a market capitalization of $1.71 billion, a PE ratio of 24.89 and a beta of 0.84. The company's fifty day moving average price is $96.60 and its two-hundred day moving average price is $66.58.

Anterix (NASDAQ:ATEX - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.01 EPS for the quarter, topping analysts' consensus estimates of ($0.43) by $0.44. The company had revenue of $1.96 million during the quarter, compared to the consensus estimate of $2.00 million. Anterix had a net margin of 933.03% and a negative return on equity of 10.65%. Analysts predict that Anterix Inc. will post -2 earnings per share for the current fiscal year.

Insider Activity at Anterix

In related news, Director William Heard sold 46,400 shares of the business's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $90.11, for a total value of $4,181,104.00. Following the sale, the director owned 1,670,338 shares of the company's stock, valued at $150,514,157.18. The trade was a 2.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Thomas R. Kuhn sold 10,000 shares of the company's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $88.85, for a total value of $888,500.00. Following the completion of the sale, the chairman owned 17,731 shares in the company, valued at $1,575,399.35. This trade represents a 36.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 205,602 shares of company stock valued at $17,540,115. Corporate insiders own 40.05% of the company's stock.

About Anterix

Anterix, Inc is a specialized telecommunications company focused on delivering private broadband networks for utilities and other critical infrastructure industries. The company owns and operates dedicated 900 MHz spectrum that enables reliable, secure and high-performance wireless communications to support grid modernization, smart metering, distribution automation and other mission-critical applications. By leveraging this spectrum, Anterix helps electric, water and gas utilities deploy advanced communications capabilities to enhance operational efficiency and resiliency.

At the core of Anterix’s offering is its licensed 900 MHz spectrum, which provides superior propagation characteristics compared with unlicensed options and allows for cost-effective coverage over expansive service territories.

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