Millicom International Cellular (NASDAQ:TIGO) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Millicom International Cellular SA (NASDAQ:TIGO) saw strong trading volume on Friday . 4,196,136 shares traded hands during mid-day trading, an increase of 179% from the previous session’s volume of 1,501,577 shares.The stock last traded at $88.7820 and had previously closed at $88.46.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TIGO. Weiss Ratings raised Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, May 13th. Scotiabank upped their target price on Millicom International Cellular from $51.20 to $52.40 and gave the stock a “sector underperform” rating in a report on Wednesday, May 27th. Morgan Stanley reissued a “positive” rating and set a $55.00 target price on shares of Millicom International Cellular in a research report on Thursday, February 26th. Zacks Research raised shares of Millicom International Cellular from a “strong sell” rating to a “hold” rating in a research note on Monday, April 6th. Finally, Wall Street Zen cut Millicom International Cellular from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Millicom International Cellular has a consensus rating of “Moderate Buy” and an average target price of $77.28.

Millicom International Cellular Trading Down 0.0%

The stock has a market cap of $14.94 billion, a price-to-earnings ratio of 12.05 and a beta of 0.91. 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 company’s fifty day moving average price is $84.48 and its 200-day moving average price is $71.62.

Millicom International Cellular (NASDAQ:TIGO) last released 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 company 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 19.16% and a return on equity of 16.38%. On average, research analysts expect that Millicom International Cellular SA will post 1.78 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Salvador Escalon sold 49,288 shares of the company’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 directly owned 165,344 shares of the company’s stock, valued at $14,634,597.44. This represents a 22.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.52% of the company’s stock.

Institutional Trading of Millicom International Cellular

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CTC Alternative Strategies Ltd. purchased a new stake in Millicom International Cellular in the 1st quarter worth approximately $600,000. Bank of America Corp DE grew its holdings in Millicom International Cellular by 22.0% in the first quarter. Bank of America Corp DE now owns 243,778 shares of the technology company’s stock valued at $18,269,000 after purchasing an additional 43,947 shares during the period. Altshuler Shaham Ltd increased its position in shares of Millicom International Cellular by 36.7% in the first quarter. Altshuler Shaham Ltd now owns 633 shares of the technology company’s stock valued at $47,000 after buying an additional 170 shares in the last quarter. Amundi raised its stake in shares of Millicom International Cellular by 120.8% during the 1st quarter. Amundi now owns 529,936 shares of the technology company’s stock worth $39,713,000 after buying an additional 289,913 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Millicom International Cellular by 44.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the technology company’s stock worth $267,000 after buying an additional 1,098 shares during the period.

About Millicom International Cellular

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.