Millicom International Cellular (NASDAQ:TIGO) Downgraded by Scotiabank to “Sector Perform”

Scotiabank downgraded shares of Millicom International Cellular (NASDAQ:TIGO) from a sector outperform rating to a sector perform rating in a research report report published on Tuesday morning, MarketBeat.com reports. They currently have $37.00 target price on the technology company’s stock.

Several other equities research analysts have also weighed in on the company. Barclays dropped their price target on Millicom International Cellular from $310.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 3rd. Wall Street Zen lowered Millicom International Cellular from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 30th. JPMorgan Chase & Co. lifted their price target on Millicom International Cellular from $41.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, May 27th. Finally, UBS Group lifted their price target on Millicom International Cellular from $31.50 to $39.50 and gave the company a “buy” rating in a research report on Friday, May 16th. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.08.

Millicom International Cellular Price Performance

TIGO opened at $36.89 on Tuesday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.74 and a current ratio of 0.76. Millicom International Cellular has a 52-week low of $22.59 and a 52-week high of $38.50. The stock has a market capitalization of $6.35 billion, a PE ratio of 17.74 and a beta of 1.08. The stock’s 50 day moving average price is $34.36 and its 200-day moving average price is $29.53.

Millicom International Cellular (NASDAQ:TIGO) last posted its earnings results on Thursday, May 8th. The technology company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.23. Millicom International Cellular had a return on equity of 10.02% and a net margin of 6.20%. The firm had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same period in the previous year, the firm earned $0.54 earnings per share. The business’s revenue was down 7.6% compared to the same quarter last year. On average, equities research analysts predict that Millicom International Cellular will post 1.91 EPS for the current year.

Millicom International Cellular Dividend Announcement

The business also recently announced an annual dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 8th were issued a $0.75 dividend. This represents a yield of 3.9%. The ex-dividend date was Tuesday, April 8th. Millicom International Cellular’s dividend payout ratio (DPR) is 144.23%.

Institutional Investors Weigh In On Millicom International Cellular

Hedge funds have recently added to or reduced their stakes in the stock. State of Wyoming bought a new stake in Millicom International Cellular in the fourth quarter worth $49,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Millicom International Cellular during the first quarter valued at $84,000. Wells Fargo & Company MN lifted its holdings in shares of Millicom International Cellular by 72.4% during the fourth quarter. Wells Fargo & Company MN now owns 4,892 shares of the technology company’s stock valued at $122,000 after purchasing an additional 2,055 shares in the last quarter. Principal Securities Inc. lifted its holdings in shares of Millicom International Cellular by 22.2% during the fourth quarter. Principal Securities Inc. now owns 7,030 shares of the technology company’s stock valued at $176,000 after purchasing an additional 1,277 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Millicom International Cellular by 65.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,284 shares of the technology company’s stock valued at $190,000 after purchasing an additional 2,489 shares in the last quarter.

About Millicom International Cellular

Millicom International Cellular SA provides cable and mobile services in Latin America. It offers mobile services, including mobile data and voice, and short message services; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance.