Gabelli Funds LLC Lowers Stock Holdings in Millicom International Cellular SA $TIGO

Gabelli Funds LLC reduced its stake in Millicom International Cellular SA (NASDAQ:TIGO) by 12.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 367,100 shares of the technology company’s stock after selling 52,000 shares during the period. Gabelli Funds LLC owned 0.22% of Millicom International Cellular worth $27,510,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Allworth Financial LP raised its stake in shares of Millicom International Cellular by 1,129.7% during the fourth quarter. Allworth Financial LP now owns 455 shares of the technology company’s stock valued at $25,000 after acquiring an additional 418 shares in the last quarter. Altshuler Shaham Ltd bought a new position in Millicom International Cellular in the fourth quarter worth approximately $26,000. Blue Trust Inc. increased its holdings in Millicom International Cellular by 736.2% during the 4th quarter. Blue Trust Inc. now owns 485 shares of the technology company’s stock worth $27,000 after purchasing an additional 427 shares during the period. Spire Wealth Management purchased a new position in Millicom International Cellular during the 4th quarter worth $29,000. Finally, GAMMA Investing LLC raised its position in Millicom International Cellular by 140.8% during the 4th quarter. GAMMA Investing LLC now owns 573 shares of the technology company’s stock valued at $32,000 after purchasing an additional 335 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Scotiabank upped their target price on Millicom International Cellular from $51.20 to $52.40 and gave the stock a “sector underperform” rating in a report on Wednesday, May 27th. JPMorgan Chase & Co. raised their price target on Millicom International Cellular from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, May 20th. Zacks Research downgraded Millicom International Cellular from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Wall Street Zen lowered shares of Millicom International Cellular from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, UBS Group increased their target price on shares of Millicom International Cellular from $90.00 to $100.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $79.28.

Millicom International Cellular Stock Performance

Shares of NASDAQ:TIGO opened at $94.54 on Friday. The firm has a 50 day moving average of $89.85 and a 200 day moving average of $77.56. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.33. The company has a market capitalization of $15.98 billion, a price-to-earnings ratio of 12.85 and a beta of 0.92. Millicom International Cellular SA has a 52 week low of $39.01 and a 52 week high of $100.75.

Millicom International Cellular (NASDAQ:TIGO) last announced its earnings results on Tuesday, May 12th. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.08. Millicom International Cellular had a return on equity of 16.38% and a net margin of 19.16%.The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.99 billion. On average, sell-side analysts predict that Millicom International Cellular SA will post 1.78 earnings per share for the current fiscal year.

Insider Activity at Millicom International Cellular

In related news, insider Salvador Escalon sold 49,288 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $88.51, for a total transaction of $4,362,480.88. Following the completion of the sale, the insider directly owned 165,344 shares in the company, valued at $14,634,597.44. This represents a 22.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Over the last three months, insiders sold 50,140 shares of company stock valued at $4,425,461. Insiders own 0.52% of the company’s stock.

Millicom International Cellular Company Profile

Millicom International Cellular SA, trading under the TIGO brand, is a Luxembourg‐headquartered telecommunications and media company that provides a range of mobile, cable broadband, digital television and enterprise services. Through its integrated infrastructure, the company delivers voice and data connectivity, high‐speed internet access and pay‐television packages to millions of customers, supported by ongoing investments in network coverage and capacity.

Established in 1990 by Swedish investor Jan Stenbeck, Millicom has grown into a multi‐regional operator focused primarily on Central and South America.