Here’s Why Aristotle Small Cap Equity Composite Sold ATN International (ATNI) - InvestingChannel

Here’s Why Aristotle Small Cap Equity Composite Sold ATN International (ATNI)

Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered a return of 3.96% net of fees (4.11% gross of fees) trailing the Russell 2000 Index’s 5.18% total return. Security selection detracted from the performance while allocation effects positively contributed. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Aristotle Capital Small Cap Equity Strategy highlighted stocks like ATN International, Inc. (NASDAQ:ATNI), in the first quarter 2024 investor letter. ATN International, Inc. (NASDAQ:ATNI), with a market capitalization of $360.567 million, offers digital infrastructure and communications services to residential, commercial, and government. The one-month return of ATN International, Inc. (NASDAQ:ATNI) was 20.59%, and its shares lost 38.51% of their value over the last 52 weeks. On May 24, 2024, ATN International, Inc. (NASDAQ:ATNI) stock closed at $23.54 per share.

Aristotle Capital Small Cap Equity Strategy stated the following regarding ATN International, Inc. (NASDAQ:ATNI) in its first quarter 2024 investor letter:

“ATN International, Inc. (NASDAQ:ATNI), a provider of telecommunications services to rural, niche, and other under-served markets, was removed from the portfolio. Despite the company’s efforts to expand its broadband network in recent years, a variety of factors contributed to our decision to step away from our investment including competitive pressures and our general concerns regarding the company’s capital allocation strategy moving forward.”

5 States That Have America's Strongest Unions Workers installing a complex telecommunications infrastructure within an urban cityscape.

ATN International, Inc. (NASDAQ:ATNI) reported a softer-than-expected first-quarter result, with revenue at $186.8 million, up 1%, and adjusted EBITDA down 3% compared to the prior year quarter.

ATN International, Inc. (NASDAQ:ATNI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held ATN International, Inc. (NASDAQ:ATNI) at the end of the first quarter which was 5 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.

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