Millicom International Cellular (NASDAQ:TIGO) Hits New 12-Month High – Here’s Why

Millicom International Cellular SA (NASDAQ:TIGO)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $95.01 and last traded at $94.9640, with a volume of 249261 shares traded. The stock had previously closed at $90.49.

Wall Street Analyst Weigh In

A number of research firms have commented on TIGO. HSBC upgraded shares of Millicom International Cellular from a “hold” rating to a “buy” rating and set a $89.00 price target on the stock in a research report on Friday, March 6th. Scotiabank raised their price objective on shares of Millicom International Cellular from $51.20 to $52.40 and gave the stock a “sector underperform” rating in a report on Wednesday, May 27th. Zacks Research upgraded shares of Millicom International Cellular from a “strong sell” rating to a “hold” rating in a research note on Monday, April 6th. Weiss Ratings upgraded shares of Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, May 13th. Finally, Wall Street Zen downgraded Millicom International Cellular from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.28.

Millicom International Cellular Stock Performance

The company has a market capitalization of $15.85 billion, a price-to-earnings ratio of 12.74 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 price of $85.67 and a two-hundred day moving average price of $73.19.

Millicom International Cellular (NASDAQ:TIGO) last issued its quarterly earnings results on Tuesday, May 12th. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.08. Millicom International Cellular had a net margin of 19.16% and a return on equity of 16.38%. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. On average, analysts predict that Millicom International Cellular SA will post 1.78 EPS for the current fiscal year.

Insiders Place Their Bets

In other Millicom International Cellular news, insider Salvador Escalon sold 49,288 shares of the business’s stock in a transaction dated 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 completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.52% of the company’s stock.

Institutional Trading of Millicom International Cellular

Several hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc increased its holdings in shares of Millicom International Cellular by 896.7% in the second quarter. Versant Capital Management Inc now owns 299 shares of the technology company’s stock valued at $27,000 after purchasing an additional 269 shares in the last quarter. Allworth Financial LP lifted its holdings in 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 buying an additional 418 shares in the last quarter. Altshuler Shaham Ltd acquired a new position in Millicom International Cellular during the 4th quarter worth $26,000. Blue Trust Inc. boosted its position in Millicom International Cellular by 736.2% in the 4th quarter. Blue Trust Inc. now owns 485 shares of the technology company’s stock valued at $27,000 after buying an additional 427 shares during the last quarter. Finally, Spire Wealth Management bought a new position in Millicom International Cellular in the 4th quarter valued at $29,000.

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.