Scotiabank Forecasts Strong Price Appreciation for Millicom International Cellular (NASDAQ:TIGO) Stock

Millicom International Cellular (NASDAQ:TIGO) had its price target lifted by Scotiabank from $52.40 to $60.10 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “sector underperform” rating on the technology company’s stock. Scotiabank’s price objective points to a potential downside of 38.13% from the stock’s current price.

Several other equities analysts also recently commented on TIGO. Wall Street Zen downgraded shares of Millicom International Cellular from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. UBS Group increased their price objective on Millicom International Cellular from $90.00 to $100.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. boosted their target price on Millicom International Cellular from $86.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 20th. Weiss Ratings upgraded Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, May 13th. Finally, Zacks Research lowered Millicom International Cellular from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $80.82.

Millicom International Cellular Trading Up 0.0%

NASDAQ TIGO opened at $97.14 on Friday. The firm has a 50 day simple moving average of $92.15 and a 200-day simple moving average of $80.64. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.51 and a current ratio of 0.53. Millicom International Cellular has a one year low of $42.00 and a one year high of $107.13. The firm has a market cap of $16.42 billion, a price-to-earnings ratio of 24.53 and a beta of 0.91.

Millicom International Cellular (NASDAQ:TIGO) last announced its earnings results on Tuesday, May 12th. The technology company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. The firm had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. Millicom International Cellular had a net margin of 9.19% and a return on equity of 18.39%. Equities research analysts anticipate that Millicom International Cellular will post 1.78 EPS for the current fiscal year.

Insider Activity

In other news, insider Salvador Escalon sold 49,288 shares of Millicom International Cellular stock in a transaction on Monday, June 1st. The shares were sold at an average price of $88.51, for a total transaction of $4,362,480.88. Following the completion of the sale, the insider directly owned 165,344 shares of the company’s stock, valued at approximately $14,634,597.44. The trade was a 22.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 50,140 shares of company stock worth $4,425,461.

Institutional Trading of Millicom International Cellular

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP boosted its position in shares of Millicom International Cellular by 1,129.7% during the 4th quarter. Allworth Financial LP now owns 455 shares of the technology company’s stock worth $25,000 after acquiring an additional 418 shares in the last quarter. Altshuler Shaham Ltd purchased a new stake in Millicom International Cellular during the fourth quarter worth approximately $26,000. Versant Capital Management Inc lifted its stake in Millicom International Cellular by 896.7% during the second quarter. Versant Capital Management Inc now owns 299 shares of the technology company’s stock worth $27,000 after purchasing an additional 269 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Millicom International Cellular by 55.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,413 shares of the technology company’s stock worth $53,000 after purchasing an additional 502 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in Millicom International Cellular in the fourth quarter valued at approximately $61,000.

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.