Millicom International Cellular (NASDAQ:TIGO) Downgraded by Zacks Research to Strong Sell

Zacks Research lowered shares of Millicom International Cellular (NASDAQ:TIGO) from a hold rating to a strong sell rating in a research report released on Monday morning,Zacks.com reports.

TIGO has been the subject of a number of other research reports. Scotiabank boosted their price objective on Millicom International Cellular from $51.20 to $52.40 and gave the company a “sector underperform” rating in a research report on Wednesday, May 27th. JPMorgan Chase & Co. raised their target price on Millicom International Cellular from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, May 20th. Wall Street Zen downgraded shares of Millicom International Cellular from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings upgraded shares of Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, May 13th. Finally, UBS Group cut shares of Millicom International Cellular from a “buy” rating to a “neutral” rating and set a $90.00 price objective on the stock. in a report on Tuesday, May 26th. 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, the stock currently has a consensus rating of “Hold” and a consensus price target of $77.28.

Millicom International Cellular Stock Performance

Shares of NASDAQ TIGO opened at $98.16 on Monday. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.33. The firm’s 50-day moving average price is $87.33 and its two-hundred day moving average price is $75.38. Millicom International Cellular has a 52-week low of $38.32 and a 52-week high of $100.08. The stock has a market capitalization of $16.59 billion, a P/E ratio of 13.34 and a beta of 0.92.

Millicom International Cellular (NASDAQ:TIGO) last issued its earnings results on Tuesday, May 12th. The technology company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The company had revenue of $1.99 billion during 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, sell-side analysts forecast that Millicom International Cellular will post 1.78 earnings per share for the current year.

Insider Buying and Selling at Millicom International Cellular

In other news, insider Salvador Escalon sold 49,288 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider directly owned 165,344 shares of the company’s stock, valued at approximately $14,634,597.44. This represents a 22.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 50,140 shares of company stock valued at $4,425,461.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TIGO. JPMorgan Chase & Co. lifted its position in Millicom International Cellular by 3.9% in the fourth quarter. JPMorgan Chase & Co. now owns 6,713,607 shares of the technology company’s stock worth $372,202,000 after purchasing an additional 253,891 shares during the period. State Street Corp boosted its stake in Millicom International Cellular by 14.9% during the 4th quarter. State Street Corp now owns 2,279,268 shares of the technology company’s stock valued at $126,364,000 after purchasing an additional 296,319 shares in the last quarter. Goldman Sachs Group Inc. acquired a new position in shares of Millicom International Cellular during the 1st quarter valued at $50,664,000. Boston Partners increased its position in shares of Millicom International Cellular by 2.7% during the 4th quarter. Boston Partners now owns 1,603,730 shares of the technology company’s stock valued at $88,911,000 after purchasing an additional 41,765 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Millicom International Cellular by 128.2% in the 3rd quarter. Northern Trust Corp now owns 1,271,086 shares of the technology company’s stock worth $61,699,000 after buying an additional 714,158 shares in the last quarter.

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.