Investment firm Russell Investments Group Ltd. has increased its holdings in America Movil, S.A.B. de C.V. Unsponsored ADR by 13.9% during the second quarter of 2023. According to a recent disclosure with the Securities and Exchange Commission, the firm now owns 978,834 shares of the telecommunications provider, valued at approximately $17,560,000 as of the end of the reporting period.
This significant acquisition was part of a broader trend among institutional investors adjusting their positions in America Movil. Northern Trust Corp. boosted its stake by 23.6% in the first quarter, bringing its total to 1,290,960 shares, valued at $18,357,000. Similarly, Allworth Financial LP dramatically increased its holdings by 492.7% during the second quarter, now owning 33,937 shares worth $609,000.
Another notable increase came from Millennium Management LLC, which raised its position by 279.3% in the first quarter. The firm now possesses 1,447,032 shares, valued at approximately $20,577,000. Additionally, Cetera Investment Advisers and Boston Partners have also increased their investments, with Boston Partners achieving a remarkable 6,421.7% rise in its holdings during the second quarter, now owning 4,127,267 shares worth $74,043,000.
Analyst Ratings and Market Performance
Wall Street analysts have weighed in on America Movil, with several reports suggesting a positive outlook for the company. On October 20, 2023, JPMorgan Chase & Co. raised its price target from $21.00 to $23.50, maintaining a “neutral” rating. Meanwhile, The Goldman Sachs Group set a target price of $24.30, assigning a “buy” rating in a report dated October 22, 2023.
In other updates, Zacks Research upgraded its rating from “hold” to “strong-buy” on the same day, while UBS Group lifted its price objective from $21.10 to $23.60 with a “neutral” assessment. Currently, two analysts have given America Movil a Strong Buy rating, two a Buy rating, and five a Hold rating. The consensus rating stands at a “Moderate Buy” with an average target price of $21.73.
As of October 23, 2023, shares of America Movil were trading at $23.02, reflecting an increase of 0.5%. The stock has fluctuated significantly over the past year, with a low of $13.10 and a high of $23.68. The company has a market capitalization of $69.39 billion, a P/E ratio of 18.71, and a debt-to-equity ratio of 1.02.
Financial Highlights and Future Outlook
America Movil recently released its earnings report for the quarter ending October 15, 2023, revealing earnings per share (EPS) of $0.40, surpassing analysts’ expectations of $0.36 by $0.04. The company reported a net margin of 7.87% and a return on equity of 16.59%. Revenue for the quarter reached $12.71 billion, considerably more than the anticipated $235.15 billion.
For the current fiscal year, sell-side analysts forecast an EPS of 1.51 for America Movil. Additionally, the company has announced a special dividend of $0.2811 per share, which was paid on November 17, 2023, to shareholders on record as of November 7, 2023.
America Movil operates as a leading telecommunications provider, offering a wide range of services including both wireless and fixed voice options, data services, and various value-added services. As the company continues to expand its market presence and improve its financial performance, investor interest remains high, evidenced by the increased stakes from prominent institutional investors.
