Renaissance Group LLC Lowers Stake in Millicom International Cellular SA $TIGO

Key Points

• Renaissance Group LLC reduced its Millicom International Cellular stake by 10.8% in Q4, selling 21,873 shares and leaving it with 180,034 shares worth about $10.0 million.
• Millicom drew mixed Wall Street attention: several firms shifted ratings, and the stock’s consensus view is currently Moderate Buy with an average price target of $77.28, though JPMorgan recently raised its target to $100.
• The company reported better-than-expected Q1 earnings of $0.97 per share on revenue of $1.99 billion, and it also declared a quarterly dividend of $0.75 per share, implying a 3.4% annualized yield.

Renaissance Group LLC cut its holdings in Millicom International Cellular SA (NASDAQ:TIGO - Free Report) by 10.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 180,034 shares of the technology company's stock after selling 21,873 shares during the quarter. Renaissance Group LLC owned about 0.10% of Millicom International Cellular worth $9,981,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada grew its holdings in shares of Millicom International Cellular by 48.1% during the first quarter. Royal Bank of Canada now owns 46,183 shares of the technology company's stock worth $1,398,000 after buying an additional 14,990 shares during the last quarter. AQR Capital Management LLC raised its stake in Millicom International Cellular by 5.0% during the 1st quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company's stock valued at $290,000 after acquiring an additional 453 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Millicom International Cellular during the 1st quarter valued at approximately $2,188,000. Goldman Sachs Group Inc. acquired a new stake in Millicom International Cellular during the 1st quarter worth approximately $50,664,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in Millicom International Cellular during the 1st quarter worth approximately $8,504,000.

Insider Buying and Selling at Millicom International Cellular

In related news, insider Salvador Escalon sold 49,288 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was 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 of the company's stock, valued at $14,634,597.44. This trade represents a 22.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.52% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TIGO has been the topic of a number of recent research reports. Zacks Research raised Millicom International Cellular from a "strong sell" rating to a "hold" rating in a report on Monday, April 6th. Wall Street Zen downgraded Millicom International Cellular from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Scotiabank lifted their price objective on shares of Millicom International Cellular from $51.20 to $52.40 and gave the company a "sector underperform" rating in a research report on Wednesday, May 27th. Weiss Ratings raised shares of Millicom International Cellular from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, May 13th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Millicom International Cellular from $86.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $77.28.

Millicom International Cellular Stock Performance

Shares of TIGO opened at $89.25 on Thursday. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.33. Millicom International Cellular SA has a 52-week low of $35.62 and a 52-week high of $89.67. The company has a 50-day simple moving average of $82.75 and a 200-day simple moving average of $68.88. The company has a market capitalization of $15.08 billion, a PE ratio of 12.13 and a beta of 0.91.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The technology company reported $0.97 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.08. Millicom International Cellular had a net margin of 19.16% and a return on equity of 16.38%. The firm had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. Equities research analysts predict that Millicom International Cellular SA will post 2.34 earnings per share for the current fiscal year.

Millicom International Cellular Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Investors of record on Thursday, April 8th will be issued a $0.75 dividend. The ex-dividend date is Thursday, April 8th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.4%. Millicom International Cellular's dividend payout ratio is currently 40.76%.

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.

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