Millicom International Cellular (NASDAQ:TIGO) Hits New 12-Month High After Analyst Upgrade

Millicom International Cellular SA (NASDAQ:TIGO)’s stock price reached a new 52-week high during trading on Wednesday after UBS Group raised their price target on the stock from $90.00 to $100.00. UBS Group currently has a neutral rating on the stock. Millicom International Cellular traded as high as $100.08 and last traded at $98.16, with a volume of 1161223 shares changing hands. The stock had previously closed at $95.74.

Several other equities analysts have also recently commented on the company. Wall Street Zen cut Millicom International Cellular from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. JPMorgan Chase & Co. lifted their price objective on Millicom International Cellular from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, May 20th. Zacks Research cut Millicom International Cellular from a “hold” rating to a “strong sell” rating in a research report on Monday. Scotiabank upped their target price on Millicom International Cellular from $51.20 to $52.40 and gave the company a “sector underperform” rating in a research note on Wednesday, May 27th. Finally, Weiss Ratings raised Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $79.28.

Insider Transactions at Millicom International Cellular

In related news, insider Salvador Escalon sold 49,288 shares of the 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 owned 165,344 shares of the company’s stock, valued at $14,634,597.44. This represents a 22.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 50,140 shares of company stock valued at $4,425,461 over the last three months. Corporate insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On Millicom International Cellular

Hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. acquired a new stake in Millicom International Cellular in the 1st quarter valued at $50,664,000. Northwestern Mutual Wealth Management Co. grew its position in Millicom International Cellular by 46,519.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,263,376 shares of the technology company’s stock valued at $70,042,000 after acquiring an additional 1,260,666 shares during the period. Tredje AP fonden acquired a new position in Millicom International Cellular during the fourth quarter worth $60,459,000. State Street Corp raised its stake in Millicom International Cellular by 129.2% during the second quarter. State Street Corp now owns 1,820,070 shares of the technology company’s stock worth $68,198,000 after acquiring an additional 1,026,063 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new position in shares of Millicom International Cellular during the fourth quarter valued at $55,440,000.

Millicom International Cellular Stock Performance

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 stock has a fifty day simple moving average of $87.83 and a 200-day simple moving average of $75.95. The company has a market capitalization of $16.15 billion, a P/E ratio of 12.99 and a beta of 0.92.

Millicom International Cellular (NASDAQ:TIGO) last posted 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 business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. Millicom International Cellular had a net margin of 19.16% and a return on equity of 16.38%. Equities analysts forecast that Millicom International Cellular SA will post 1.78 EPS for the current year.

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.