BlackRock Inc. Makes New Investment in ATN International, Inc. $ATNI

Key Points

• BlackRock initiated a significant position in ATN International, purchasing 923,255 shares valued at approximately $24.5 million, representing a 6.0% stake. Institutional investors collectively own 65.5% of the company.
• ATN International raised its quarterly dividend to $0.29 per share, or $1.16 annually, yielding about 3.8%. Shares opened at $30.91, near the company’s 52-week high of $33.41.
• Analyst sentiment remains mostly neutral, with a consensus “Hold” rating despite upgrades from several research firms. Meanwhile, insiders sold 74,371 shares worth approximately $2.24 million over the past quarter.

BlackRock Inc. bought a new stake in shares of ATN International, Inc. (NASDAQ:ATNI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 923,255 shares of the technology company's stock, valued at approximately $24,457,000. BlackRock Inc. owned 6.00% of ATN International as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ATNI. Strs Ohio acquired a new stake in shares of ATN International in the first quarter worth $138,000. Marshall Wace LLP raised its position in ATN International by 137.9% during the second quarter. Marshall Wace LLP now owns 47,804 shares of the technology company's stock valued at $777,000 after buying an additional 27,714 shares during the period. Gamco Investors INC. ET AL lifted its stake in 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 worth $1,141,000 after acquiring an additional 10,253 shares in the last quarter. Ameriprise Financial Inc. lifted 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 acquiring an additional 2,397 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in 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 in the last quarter. Hedge funds and other institutional investors own 65.50% of the company's stock.

ATN International Price Performance

Shares of NASDAQ:ATNI opened at $30.91 on Thursday. The company has a current ratio of 1.63, a quick ratio of 1.59 and a debt-to-equity ratio of 0.68. ATN International, Inc. has a 1 year low of $13.86 and a 1 year high of $33.41. The business has a fifty day simple moving average of $27.07 and a 200 day simple moving average of $27.13. The firm has a market cap of $476.01 million, a price-to-earnings ratio of 3.01, a P/E/G ratio of 3.86 and a beta of 0.59.

ATN International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 8th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.29 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.8%. This is a positive change from ATN International's previous quarterly dividend of $0.28. ATN International's dividend payout ratio is presently 11.28%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ATNI. Weiss Ratings raised ATN International from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. Zacks Research raised shares of ATN International from a "strong sell" rating to a "hold" rating in a research report on Monday, August 10th. Finally, Wall Street Zen upgraded shares of ATN International from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Hold".

Insider Activity

In related news, major shareholder Cornelius B. Prior, Jr. sold 10,000 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $31.34, for a total value of $313,400.00. Following the completion of the sale, the insider owned 37,165 shares of the company's stock, valued at approximately $1,164,751.10. The trade was a 21.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Patricia Jacobs sold 1,500 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $30.04, for a total value of $45,060.00. Following the completion of the transaction, the director owned 19,958 shares in the company, valued at $599,538.32. This represents a 6.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 74,371 shares of company stock valued at $2,238,299. 5.60% of the stock is owned by corporate insiders.

ATN International 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.

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