Bank of New York Mellon Corp Takes Position in Millicom International Cellular SA (NASDAQ:TIGO)

Bank of New York Mellon Corp bought a new stake in Millicom International Cellular SA (NASDAQ:TIGO) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 37,323 shares of the technology company’s stock, valued at approximately $1,130,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Geode Capital Management LLC raised its position in Millicom International Cellular by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 154,661 shares of the technology company’s stock valued at $3,868,000 after purchasing an additional 1,500 shares in the last quarter. Wells Fargo & Company MN raised its stake 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 worth $122,000 after acquiring an additional 2,055 shares in the last quarter. BTG Pactual Asset Management US LLC boosted its stake in shares of Millicom International Cellular by 9.6% in the 4th quarter. BTG Pactual Asset Management US LLC now owns 53,818 shares of the technology company’s stock valued at $1,336,000 after purchasing an additional 4,705 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Millicom International Cellular by 37.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 108,680 shares of the technology company’s stock valued at $2,720,000 after purchasing an additional 29,730 shares during the last quarter. Finally, Park West Asset Management LLC bought a new stake in Millicom International Cellular in the fourth quarter worth $6,165,000.

Wall Street Analysts Forecast Growth

TIGO has been the subject of a number of recent research reports. UBS Group boosted their target price on Millicom International Cellular from $31.50 to $39.50 and gave the company a “buy” rating in a research note on Friday, May 16th. Wall Street Zen lowered shares of Millicom International Cellular from a “strong-buy” rating to a “buy” rating in a report on Friday, May 30th. JPMorgan Chase & Co. increased their target price on shares of Millicom International Cellular from $41.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, May 27th. Scotiabank cut Millicom International Cellular from a “sector outperform” rating to a “sector perform” rating and set a $37.00 price objective for the company. in a report on Tuesday, June 17th. Finally, Barclays dropped their price target on Millicom International Cellular from $310.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, April 3rd. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.08.

Millicom International Cellular Price Performance

Shares of NASDAQ TIGO opened at $40.15 on Friday. The company has a 50 day simple moving average of $37.88 and a two-hundred day simple moving average of $32.55. Millicom International Cellular SA has a fifty-two week low of $23.61 and a fifty-two week high of $43.03. The company has a market capitalization of $6.91 billion, a price-to-earnings ratio of 19.30 and a beta of 1.06. 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 (NASDAQ:TIGO) last posted its quarterly earnings results on Thursday, May 8th. The technology company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.23. The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.45 billion. Millicom International Cellular had a return on equity of 10.02% and a net margin of 6.20%. The firm’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.54 EPS. Analysts expect that Millicom International Cellular SA will post 1.91 EPS for the current fiscal year.

Millicom International Cellular Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 8th were paid a $0.75 dividend. The ex-dividend date was Tuesday, July 8th. This represents a $3.00 dividend on an annualized basis and a yield of 7.5%. Millicom International Cellular’s payout ratio is presently 144.23%.

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.