Telecom Argentina S.A. (NYSE:TEO) Shares Sold by Millennium Management LLC

Millennium Management LLC decreased its holdings in shares of Telecom Argentina S.A. (NYSE:TEO - Free Report) by 77.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,700 shares of the utilities provider's stock after selling 128,204 shares during the quarter. Millennium Management LLC's holdings in Telecom Argentina were worth $475,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Telecom Argentina by 111.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,327,035 shares of the utilities provider's stock worth $29,297,000 after acquiring an additional 1,224,369 shares in the last quarter. Bosun Asset Management LLC acquired a new stake in shares of Telecom Argentina in the 4th quarter valued at about $1,031,000. Freedom Investment Management Inc. acquired a new stake in shares of Telecom Argentina in the 4th quarter valued at about $577,000. Mariner LLC raised its stake in Telecom Argentina by 8.1% during the 4th quarter. Mariner LLC now owns 32,792 shares of the utilities provider's stock valued at $413,000 after acquiring an additional 2,467 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in Telecom Argentina by 87.0% during the 4th quarter. Bank of America Corp DE now owns 20,684 shares of the utilities provider's stock valued at $260,000 after acquiring an additional 9,621 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TEO. JPMorgan Chase & Co. raised Telecom Argentina from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $10.00 to $13.00 in a research note on Tuesday, February 25th. Scotiabank reiterated an "underperform" rating on shares of Telecom Argentina in a report on Thursday, May 15th. Finally, The Goldman Sachs Group raised their price objective on Telecom Argentina from $8.30 to $9.50 and gave the stock a "sell" rating in a report on Wednesday, April 23rd.

Telecom Argentina Stock Up 6.3%

NYSE:TEO traded up $0.60 during trading hours on Tuesday, hitting $10.06. The stock had a trading volume of 291,780 shares, compared to its average volume of 208,663. The business has a 50 day simple moving average of $10.21 and a two-hundred day simple moving average of $11.48. Telecom Argentina S.A. has a 1-year low of $5.52 and a 1-year high of $15.54. The company has a current ratio of 0.40, a quick ratio of 0.37 and a debt-to-equity ratio of 0.31. The company has a market cap of $4.33 billion, a PE ratio of -55.86 and a beta of 1.21.

Telecom Argentina (NYSE:TEO - Get Free Report) last released its earnings results on Monday, May 12th. The utilities provider reported $0.20 EPS for the quarter, beating the consensus estimate of ($0.24) by $0.44. The company had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.08 billion. Telecom Argentina had a negative return on equity of 1.26% and a negative net margin of 1.91%. Analysts predict that Telecom Argentina S.A. will post 1.28 EPS for the current year.

Telecom Argentina Company Profile

Telecom Argentina SA, together with its subsidiaries, provides telecommunications services. The company offers mobile telecommunications services, including voice communications, high-speed mobile Internet content and applications download, online streaming, and other services; and sells mobile communication devices, such as handsets, Modems MiFi and wingles, and smart watches.