Bank of New York Mellon Corp Purchases 29,671 Shares of Millicom International Cellular SA $TIGO

Key Points

• Bank of New York Mellon increased its Millicom International Cellular stake by 8.4% in the first quarter, adding 29,671 shares to own 384,848 shares valued at approximately $28.8 million.
• Millicom reported quarterly EPS of $0.97, beating analyst expectations of $0.89, while revenue reached $1.99 billion. Shares opened at $95.38, near the company’s 52-week high of $100.75.
• Insider Salvador Escalon sold 49,288 shares for about $4.36 million, reducing his direct ownership by nearly 23%. Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and a $79.28 target price.

Bank of New York Mellon Corp raised its position in Millicom International Cellular SA (NASDAQ:TIGO - Free Report) by 8.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 384,848 shares of the technology company's stock after buying an additional 29,671 shares during the period. Bank of New York Mellon Corp owned 0.23% of Millicom International Cellular worth $28,840,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Assetmark Inc. grew its position in Millicom International Cellular by 31.1% during the fourth quarter. Assetmark Inc. now owns 85,059 shares of the technology company's stock valued at $4,716,000 after buying an additional 20,194 shares during the period. Crossmark Global Holdings Inc. increased its holdings in Millicom International Cellular by 4.1% during the fourth quarter. Crossmark Global Holdings Inc. now owns 413,983 shares of the technology company's stock worth $22,951,000 after buying an additional 16,126 shares during the last quarter. Vestcor Inc raised its position in Millicom International Cellular by 31.9% in the fourth quarter. Vestcor Inc now owns 107,009 shares of the technology company's stock worth $5,933,000 after acquiring an additional 25,880 shares during the period. Lee Danner & Bass Inc. bought a new stake in Millicom International Cellular in the first quarter worth about $18,210,000. Finally, Fox Run Management L.L.C. purchased a new position in Millicom International Cellular in the fourth quarter valued at about $871,000.

Insider Activity

In other news, insider Salvador Escalon sold 49,288 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $88.51, for a total value of $4,362,480.88. Following the completion of the transaction, the insider directly owned 165,344 shares in the company, valued at approximately $14,634,597.44. This trade represents a 22.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 50,140 shares of company stock valued at $4,425,461 over the last quarter.

Millicom International Cellular Price Performance

Shares of NASDAQ TIGO opened at $95.38 on Tuesday. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.60 and a current ratio of 0.62. Millicom International Cellular SA has a fifty-two week low of $39.01 and a fifty-two week high of $100.75. The stock has a market cap of $16.12 billion, a PE ratio of 12.96 and a beta of 0.92. The stock has a fifty day moving average of $90.14 and a 200-day moving average of $77.97.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.08. The business had revenue of $1.99 billion for the quarter, compared to analysts' expectations of $1.99 billion. Millicom International Cellular had a return on equity of 16.38% and a net margin of 19.16%. Equities research analysts anticipate that Millicom International Cellular SA will post 1.78 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Wall Street Zen cut shares of Millicom International Cellular from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Weiss Ratings raised Millicom International Cellular from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, May 13th. UBS Group raised their target price on Millicom International Cellular from $90.00 to $100.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 14th. JPMorgan Chase & Co. boosted their target price 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. Finally, Zacks Research cut Millicom International Cellular from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. One investment 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 given a Sell rating to the stock. According to MarketBeat.com, Millicom International Cellular has an average rating of "Hold" and a consensus target price of $79.28.

About Millicom International Cellular

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.

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