Millicom International Cellular (NASDAQ:TIGO) Sets New 12-Month High Following Analyst Upgrade

Millicom International Cellular SA (NASDAQ:TIGO)’s stock price reached a new 52-week high on Monday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The stock traded as high as $47.33 and last traded at $47.41, with a volume of 1389 shares trading hands. The stock had previously closed at $47.19.

A number of other research firms have also recently commented on TIGO. UBS Group raised their price target on shares of Millicom International Cellular from $31.50 to $39.50 and gave the stock a “buy” rating in a report on Friday, May 16th. Zacks Research upgraded Millicom International Cellular from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 15th. JPMorgan Chase & Co. boosted their target price on Millicom International Cellular from $50.00 to $55.00 and gave the company an “overweight” rating in a research report on Thursday, August 14th. Finally, Scotiabank upped their price target on Millicom International Cellular from $37.00 to $46.10 and gave the stock a “sector perform” rating in a research note on Tuesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Millicom International Cellular presently has an average rating of “Moderate Buy” and a consensus price target of $40.43.

Hedge Funds Weigh In On Millicom International Cellular

Hedge funds have recently bought and sold shares of the company. USA Financial Formulas bought a new stake in shares of Millicom International Cellular in the 2nd quarter worth $30,000. EverSource Wealth Advisors LLC boosted its holdings in Millicom International Cellular by 55.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,413 shares of the technology company’s stock worth $53,000 after purchasing an additional 502 shares during the last quarter. State of Wyoming purchased a new position in Millicom International Cellular during the fourth quarter worth about $49,000. Caitong International Asset Management Co. Ltd bought a new stake in Millicom International Cellular in the 1st quarter worth about $84,000. Finally, Wells Fargo & Company MN increased its stake in Millicom International Cellular by 72.4% in the 4th quarter. Wells Fargo & Company MN now owns 4,892 shares of the technology company’s stock valued at $122,000 after buying an additional 2,055 shares during the last quarter.

Millicom International Cellular Stock Performance

The company’s 50 day simple moving average is $40.16 and its 200 day simple moving average is $34.60. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.87 and a current ratio of 0.89. The stock has a market cap of $8.23 billion, a PE ratio of 8.43 and a beta of 1.04.

Millicom International Cellular (NASDAQ:TIGO) last released its earnings results on Thursday, August 7th. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.03). The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.40 billion. Millicom International Cellular had a net margin of 16.97% and a return on equity of 10.32%. Analysts expect that Millicom International Cellular SA will post 1.91 earnings per share for the current year.

Millicom International Cellular Company Profile

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.