Millicom International Cellular (NASDAQ:TIGO) Hits New 12-Month High on Analyst Upgrade

Shares of Millicom International Cellular SA (NASDAQ:TIGO) hit a new 52-week high during trading on Wednesday after UBS Group raised their price target on the stock from $90.00 to $100.00. UBS Group currently has a neutral rating on the stock. Millicom International Cellular traded as high as $100.08 and last traded at $98.16, with a volume of 1161223 shares traded. The stock had previously closed at $95.74.

Several other analysts have also commented on the company. Scotiabank boosted their price target on Millicom International Cellular from $51.20 to $52.40 and gave the company a “sector underperform” rating in a research note on Wednesday, May 27th. Weiss Ratings upgraded Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, May 13th. JPMorgan Chase & Co. boosted their price target on shares of Millicom International Cellular from $86.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 20th. Wall Street Zen downgraded Millicom International Cellular from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Zacks Research downgraded shares of Millicom International Cellular from a “hold” rating to a “strong sell” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $79.28.

Insider Activity

In other news, insider Salvador Escalon sold 49,288 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $88.51, for a total value of $4,362,480.88. Following the sale, the insider owned 165,344 shares of the company’s stock, valued at $14,634,597.44. The trade was a 22.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 50,140 shares of company stock valued at $4,425,461 in the last 90 days. 0.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. grew its holdings in Millicom International Cellular by 19.1% during the first quarter. PNC Financial Services Group Inc. now owns 866 shares of the technology company’s stock worth $65,000 after purchasing an additional 139 shares during the period. EWA LLC boosted its holdings in shares of Millicom International Cellular by 2.5% during the fourth quarter. EWA LLC now owns 7,025 shares of the technology company’s stock worth $389,000 after acquiring an additional 169 shares during the period. Altshuler Shaham Ltd boosted its stake in Millicom International Cellular by 36.7% in the 1st quarter. Altshuler Shaham Ltd now owns 633 shares of the technology company’s stock valued at $47,000 after purchasing an additional 170 shares during the period. Vident Advisory LLC grew its stake in shares of Millicom International Cellular by 2.3% in the fourth quarter. Vident Advisory LLC now owns 11,455 shares of the technology company’s stock valued at $635,000 after acquiring an additional 254 shares in the last quarter. Finally, Versant Capital Management Inc grew its position in shares of Millicom International Cellular by 896.7% during the 2nd quarter. Versant Capital Management Inc now owns 299 shares of the technology company’s stock worth $27,000 after purchasing an additional 269 shares in the last quarter.

Millicom International Cellular Stock Up 0.9%

The firm has a market cap of $16.15 billion, a price-to-earnings ratio of 12.99 and a beta of 0.92. The company has a debt-to-equity ratio of 2.33, a current ratio of 0.62 and a quick ratio of 0.60. The stock has a 50-day moving average of $87.83 and a 200-day moving average of $75.95.

Millicom International Cellular (NASDAQ:TIGO) last issued its quarterly earnings results 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 return on equity of 16.38% and a net margin of 19.16%.The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.99 billion. Sell-side analysts predict that Millicom International Cellular SA will post 1.78 EPS for the current fiscal year.

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.