Northern Trust Corp Makes New Investment in Millicom International Cellular SA $TIGO

Key Points

• Northern Trust Corp has invested approximately $9.74 million in Millicom International Cellular SA by acquiring 321,759 shares during the first quarter.
• Millicom recently declared a special $1.25 dividend, with a payout ratio of 52.91% and a dividend yield of 620.0%.
• Several analysts have raised their ratings and price targets for Millicom, with JPMorgan increasing their objective from $50.00 to $55.00 and Zacks rating it a "strong-buy".

Northern Trust Corp bought a new stake in shares of Millicom International Cellular SA (NASDAQ:TIGO - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 321,759 shares of the technology company's stock, valued at approximately $9,740,000. Northern Trust Corp owned about 0.19% of Millicom International Cellular as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of TIGO. Wells Fargo & Company MN grew its holdings in Millicom International Cellular by 72.4% during the 4th quarter. Wells Fargo & Company MN now owns 4,892 shares of the technology company's stock valued at $122,000 after buying an additional 2,055 shares during the last quarter. Lazard Asset Management LLC grew its position in shares of Millicom International Cellular by 65.1% in the fourth quarter. Lazard Asset Management LLC now owns 45,789 shares of the technology company's stock valued at $1,145,000 after purchasing an additional 18,059 shares during the period. Occudo Quantitative Strategies LP grew its position in shares of Millicom International Cellular by 37.4% in the fourth quarter. Occudo Quantitative Strategies LP now owns 10,983 shares of the technology company's stock valued at $275,000 after purchasing an additional 2,992 shares during the period. Point72 Asset Management L.P. grew its position in shares of Millicom International Cellular by 422.0% in the fourth quarter. Point72 Asset Management L.P. now owns 16,704 shares of the technology company's stock valued at $418,000 after purchasing an additional 13,504 shares during the period. Finally, Raiffeisen Bank International AG purchased a new stake in shares of Millicom International Cellular in the fourth quarter valued at $248,000.

Wall Street Analyst Weigh In

TIGO has been the subject of a number of recent analyst reports. 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 downgraded Millicom International Cellular from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $39.50 to $49.00 in a research report on Thursday. Scotiabank lifted 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. JPMorgan Chase & Co. lifted 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. 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 equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Millicom International Cellular has an average rating of "Moderate Buy" and an average target price of $42.02.

Millicom International Cellular Trading Down 1.7%

Millicom International Cellular stock traded down $0.81 during midday trading on Thursday, reaching $47.16. The stock had a trading volume of 1,107,814 shares, compared to its average volume of 1,111,652. Millicom International Cellular SA has a twelve month low of $23.61 and a twelve month high of $50.78. The stock has a market capitalization of $8.12 billion, a PE ratio of 8.32 and a beta of 1.09. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.87 and a current ratio of 0.89. The stock's 50-day simple moving average is $43.07 and its 200 day simple moving average is $36.40.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last issued 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 during the quarter, compared to analyst estimates of $1.40 billion. Millicom International Cellular had a net margin of 16.97% and a return on equity of 10.32%. Analysts expect that Millicom International Cellular SA will post 1.91 EPS for the current year.

Millicom International Cellular Announces Dividend

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

About Millicom International Cellular

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.