Gabelli Funds LLC Decreases Stock Holdings in Anterix Inc. $ATEX

Key Points

• Gabelli Funds reduced its Anterix stake by 12.8% in the first quarter, selling 39,107 shares and retaining 265,800 shares worth approximately $10.2 million. Institutional investors collectively own 87.67% of the company.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and a $101 target price. JPMorgan raised its target to $133 and assigned an “Overweight” rating, while B. Riley downgraded the stock to “Neutral.”
• Insiders sold 124,109 shares worth about $10.2 million over the last quarter, including significant sales by two company insiders. ATEX recently opened at $94, versus a 12-month range of $17.58 to $113.00.

Gabelli Funds LLC lowered its holdings in shares of Anterix Inc. (NASDAQ:ATEX - Free Report) by 12.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 265,800 shares of the company's stock after selling 39,107 shares during the quarter. Gabelli Funds LLC owned 1.42% of Anterix worth $10,151,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Parallel Advisors LLC increased its holdings in shares of Anterix by 63.7% in the 1st quarter. Parallel Advisors LLC now owns 933 shares of the company's stock worth $36,000 after buying an additional 363 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Anterix by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 138,677 shares of the company's stock valued at $3,027,000 after acquiring an additional 599 shares during the last quarter. Russell Investments Group Ltd. grew its position in Anterix by 12.4% in the second quarter. Russell Investments Group Ltd. now owns 5,760 shares of the company's stock worth $148,000 after acquiring an additional 637 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Anterix by 17.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,084 shares of the company's stock worth $182,000 after acquiring an additional 1,029 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Anterix by 299.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company's stock worth $42,000 after acquiring an additional 1,233 shares in the last quarter. 87.67% of the stock is owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Weiss Ratings upgraded Anterix from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, June 26th. B. Riley Financial cut Anterix from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $44.00 to $69.00 in a report on Thursday, June 4th. Wall Street Zen upgraded Anterix from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Finally, JPMorgan Chase & Co. boosted their target price on Anterix from $50.00 to $133.00 and gave the company an "overweight" rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $101.00.

Anterix Stock Performance

ATEX stock opened at $94.00 on Monday. The stock has a market cap of $1.83 billion, a PE ratio of 19.42 and a beta of 0.83. Anterix Inc. has a 12 month low of $17.58 and a 12 month high of $113.00. The company has a 50-day moving average price of $83.23 and a 200 day moving average price of $52.92.

Insiders Place Their Bets

In other news, Director Mahvash Yazdi sold 7,000 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $80.00, for a total value of $560,000.00. Following the sale, the director directly owned 19,407 shares in the company, valued at approximately $1,552,560. This represents a 26.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Christopher Guttman-Mccabe sold 91,437 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $82.46, for a total value of $7,539,895.02. Following the completion of the sale, the insider owned 77,807 shares in the company, valued at approximately $6,415,965.22. The trade was a 54.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 124,109 shares of company stock valued at $10,174,158 over the last quarter. 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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