Daiwa Securities Group Inc. Sells 3,000 Shares of Tim S.A. (NYSE:TIMB)

Daiwa Securities Group Inc. reduced its holdings in shares of Tim S.A. (NYSE:TIMB) by 13.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 19,000 shares of the company’s stock after selling 3,000 shares during the quarter. Daiwa Securities Group Inc.’s holdings in TIM were worth $327,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Summit Global Investments lifted its position in TIM by 147.6% during the second quarter. Summit Global Investments now owns 325,462 shares of the company’s stock worth $4,661,000 after acquiring an additional 193,996 shares during the last quarter. Meritage Portfolio Management bought a new position in shares of TIM during the third quarter worth approximately $3,683,000. Millennium Management LLC increased its stake in shares of TIM by 16.0% during the second quarter. Millennium Management LLC now owns 923,532 shares of the company’s stock worth $13,225,000 after purchasing an additional 127,465 shares during the period. AQR Capital Management LLC lifted its holdings in TIM by 12.3% during the 2nd quarter. AQR Capital Management LLC now owns 88,534 shares of the company’s stock worth $1,268,000 after purchasing an additional 9,699 shares during the last quarter. Finally, Ritholtz Wealth Management boosted its stake in TIM by 67.8% in the 3rd quarter. Ritholtz Wealth Management now owns 62,727 shares of the company’s stock valued at $1,080,000 after purchasing an additional 25,337 shares during the period.

Analysts Set New Price Targets

Several research firms have weighed in on TIMB. Barclays lowered their price objective on TIM from $18.00 to $17.50 and set an “equal weight” rating on the stock in a research report on Tuesday, November 12th. Scotiabank lowered their price target on shares of TIM from $24.80 to $23.20 and set a “sector outperform” rating on the stock in a research report on Tuesday, November 5th.

TIM Stock Down 5.7 %

NYSE TIMB opened at $12.90 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 0.52. The company has a market cap of $6.25 billion, a price-to-earnings ratio of 10.24, a PEG ratio of 0.58 and a beta of 0.89. The company has a 50 day moving average of $15.07 and a 200-day moving average of $15.39. Tim S.A. has a 1-year low of $12.60 and a 1-year high of $19.14.

TIM (NYSE:TIMB) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.09). The company had revenue of $1.16 billion during the quarter. TIM had a net margin of 12.71% and a return on equity of 11.73%. On average, equities research analysts expect that Tim S.A. will post 1.2 earnings per share for the current fiscal year.

TIM Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 30th. Shareholders of record on Monday, September 30th were paid a dividend of $0.088 per share. The ex-dividend date was Monday, September 30th. This represents a $0.35 dividend on an annualized basis and a yield of 2.73%. TIM’s payout ratio is 26.19%.

About TIM

TIM SA, a telecommunications company, provides mobile voice, data, and broadband services in Brazil. The company offers in mobile, landline, long-distance, and data transmission services. It also offers fixed ultra-broadband, fixed ultraband broadband, and digital content services. The company serves individuals and corporates, as well as small, medium, and large companies.