Millicom International Cellular (NASDAQ:TIGO) Shares Down 5.6% After Analyst Downgrade

Shares of Millicom International Cellular SA (NASDAQ:TIGO) dropped 5.6% on Tuesday after UBS Group downgraded the stock from a buy rating to a neutral rating. UBS Group now has a $90.00 price target on the stock. Millicom International Cellular traded as low as $81.00 and last traded at $81.00. Approximately 391,025 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 1,339,084 shares. The stock had previously closed at $85.84.

Other equities analysts have also issued reports about the company. Scotiabank lifted their price objective on Millicom International Cellular from $43.00 to $51.20 and gave the stock a “sector underperform” rating in a research note on Monday, March 30th. HSBC upgraded shares of Millicom International Cellular from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a report on Friday, March 6th. Zacks Research upgraded shares of Millicom International Cellular from a “strong sell” rating to a “hold” rating in a research report on Monday, April 6th. Morgan Stanley reissued a “positive” rating and set a $55.00 target price on shares of Millicom International Cellular in a research note on Thursday, February 26th. Finally, Wall Street Zen cut shares of Millicom International Cellular from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $77.04.

Institutional Trading of Millicom International Cellular

Several hedge funds have recently modified their holdings of TIGO. Royal Bank of Canada boosted its stake in Millicom International Cellular by 48.1% during the first quarter. Royal Bank of Canada now owns 46,183 shares of the technology company’s stock worth $1,398,000 after acquiring an additional 14,990 shares in the last quarter. AQR Capital Management LLC increased its stake in Millicom International Cellular by 5.0% in the first quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company’s stock valued at $290,000 after purchasing an additional 453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Millicom International Cellular during the first quarter valued at about $2,188,000. Goldman Sachs Group Inc. acquired a new position in shares of Millicom International Cellular during the first quarter valued at about $50,664,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in shares of Millicom International Cellular during the 1st quarter worth about $8,504,000.

Millicom International Cellular Stock Down 5.6%

The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 2.33. The stock’s 50-day moving average price is $79.91 and its 200-day moving average price is $65.92. The company has a market cap of $13.69 billion, a P/E ratio of 11.01 and a beta of 0.93.

Millicom International Cellular (NASDAQ:TIGO) last posted its quarterly earnings results on Tuesday, May 12th. The technology company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. Millicom International Cellular had a return on equity of 16.38% and a net margin of 19.16%. As a group, research analysts forecast that Millicom International Cellular SA will post 3.27 EPS for the current year.

Millicom International Cellular Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Stockholders of record on Thursday, April 8th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Thursday, April 8th. Millicom International Cellular’s dividend payout ratio is presently 40.76%.

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.