Gabelli Funds LLC Purchases 476,400 Shares of Millicom International Cellular SA $TIGO

Key Points

• Gabelli Funds LLC significantly increased its ownership in Millicom International Cellular by acquiring 476,400 shares, boosting its stake by 3,970% and totaling approximately $14.78 million in value.
• Several other institutional investors, such as Dodge & Cox and Price T Rowe Associates, have also made substantial investments in Millicom during the first quarter, indicating a growing interest in the company.
• Millicom's share price currently stands at $47.65, with analysts providing optimistic ratings and raising price targets, reflecting a general positive sentiment towards the company's future performance.

Gabelli Funds LLC boosted its stake in shares of Millicom International Cellular SA (NASDAQ:TIGO - Free Report) by 3,970.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 488,400 shares of the technology company's stock after purchasing an additional 476,400 shares during the period. Gabelli Funds LLC owned 0.28% of Millicom International Cellular worth $14,784,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Dodge & Cox acquired a new position in Millicom International Cellular during the first quarter valued at approximately $263,401,000. Price T Rowe Associates Inc. MD boosted its position in Millicom International Cellular by 5,033.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,578,894 shares of the technology company's stock valued at $168,874,000 after purchasing an additional 5,470,214 shares during the last quarter. Boston Partners acquired a new position in Millicom International Cellular during the first quarter valued at approximately $73,286,000. Southeastern Asset Management Inc. TN acquired a new position in Millicom International Cellular during the fourth quarter valued at approximately $60,306,000. Finally, Victory Capital Management Inc. acquired a new position in Millicom International Cellular during the first quarter valued at approximately $22,999,000.

Wall Street Analyst Weigh In

Several brokerages recently commented on TIGO. Wall Street Zen raised Millicom International Cellular from a "buy" rating to a "strong-buy" rating in a research report on Monday, August 25th. UBS Group increased their price target on Millicom International Cellular from $31.50 to $39.50 and gave the company a "buy" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. raised their price objective on Millicom International Cellular from $50.00 to $55.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Scotiabank raised their price objective on Millicom International Cellular from $37.00 to $46.10 and gave the company a "sector perform" rating in a research report on Tuesday, August 19th. Finally, Zacks Research raised Millicom International Cellular from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Millicom International Cellular presently has an average rating of "Moderate Buy" and a consensus price target of $40.43.

Millicom International Cellular Stock Performance

Shares of TIGO traded up $0.86 during mid-day trading on Tuesday, reaching $49.17. The company's stock had a trading volume of 516,783 shares, compared to its average volume of 926,533. Millicom International Cellular SA has a 1-year low of $23.61 and a 1-year high of $49.41. The stock has a market cap of $8.46 billion, a P/E ratio of 8.68 and a beta of 1.08. The business has a 50-day simple moving average of $41.32 and a two-hundred day simple moving average of $35.34. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.59.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last announced its earnings results on Thursday, August 7th. The technology company reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $0.54 by ($0.03). The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.40 billion. Millicom International Cellular had a return on equity of 10.32% and a net margin of 16.97%. As a group, equities research analysts anticipate that Millicom International Cellular SA will post 1.91 earnings per share for the current fiscal year.

Millicom International Cellular Dividend Announcement

The company also recently announced a special dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 8th will be paid a dividend of $1.25 per share. The ex-dividend date is Wednesday, October 8th. This represents a dividend yield of 620.0%. Millicom International Cellular's dividend payout ratio (DPR) is 52.91%.

Millicom International Cellular Profile

Millicom International Cellular SA provides cable and mobile services in Latin America. It offers mobile services, including mobile data and voice, and short message services; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance.