Millicom International Cellular (NASDAQ:TIGO) Sees Large Volume Increase on Analyst Upgrade

Millicom International Cellular S.A. (NASDAQ:TIGO) shares saw unusually-high trading volume on Friday after Scotiabank raised their price target on the stock from $37.30 to $37.90. Scotiabank currently has a sector outperform rating on the stock. Approximately 355,698 shares changed hands during mid-day trading, a decline of 2% from the previous session’s volume of 362,134 shares.The stock last traded at $25.88 and had previously closed at $27.15.

TIGO has been the subject of several other research reports. HSBC upgraded shares of Millicom International Cellular from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their price target on shares of Millicom International Cellular from $36.00 to $33.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Morgan Stanley assumed coverage on Millicom International Cellular in a report on Wednesday, January 29th. They issued an “equal weight” rating and a $32.00 price target on the stock. Finally, Hsbc Global Res raised Millicom International Cellular from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $33.98.

Institutional Trading of Millicom International Cellular

Several institutional investors and hedge funds have recently modified their holdings of TIGO. Vident Advisory LLC raised its position in shares of Millicom International Cellular by 24.7% during the 4th quarter. Vident Advisory LLC now owns 10,440 shares of the technology company’s stock worth $261,000 after purchasing an additional 2,071 shares during the last quarter. Squarepoint Ops LLC purchased a new position in Millicom International Cellular during the fourth quarter worth $1,319,000. Two Sigma Advisers LP acquired a new position in shares of Millicom International Cellular in the fourth quarter worth $988,000. Two Sigma Investments LP lifted its position in shares of Millicom International Cellular by 229.3% in the fourth quarter. Two Sigma Investments LP now owns 57,113 shares of the technology company’s stock valued at $1,428,000 after acquiring an additional 39,771 shares in the last quarter. Finally, State of Wyoming acquired a new stake in shares of Millicom International Cellular during the fourth quarter valued at $49,000.

Millicom International Cellular Trading Down 3.2 %

The business has a 50-day moving average of $26.23 and a 200 day moving average of $26.39. The stock has a market cap of $4.52 billion, a PE ratio of 27.96 and a beta of 1.18. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.64 and a current ratio of 0.66.

Millicom International Cellular Cuts Dividend

The firm also recently declared a dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, January 3rd were issued a $1.00 dividend. The ex-dividend date was Friday, January 3rd. Millicom International Cellular’s dividend payout ratio (DPR) is 106.38%.

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.