Millicom International Cellular (NASDAQ:TIGO) Sees Strong Trading Volume on Analyst Upgrade

Millicom International Cellular SA (NASDAQ:TIGO) saw strong trading volume on Tuesday after Scotiabank raised their price target on the stock from $43.00 to $51.20. Scotiabank currently has a sector underperform rating on the stock. 2,626,037 shares were traded during trading, an increase of 94% from the previous session’s volume of 1,355,096 shares.The stock last traded at $75.60 and had previously closed at $73.13.

TIGO has been the subject of a number of other reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Millicom International Cellular in a research note on Thursday, January 22nd. Zacks Research lowered shares of Millicom International Cellular from a “hold” rating to a “strong sell” rating in a research note on Friday, March 6th. HSBC raised shares of Millicom International Cellular from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a report on Friday, March 6th. Morgan Stanley reissued a “positive” rating and set a $55.00 price objective on shares of Millicom International Cellular in a report on Thursday, February 26th. Finally, Wall Street Zen lowered Millicom International Cellular from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $60.70.

Institutional Trading of Millicom International Cellular

Several large investors have recently made changes to their positions in the business. Dodge & Cox raised its holdings in shares of Millicom International Cellular by 1.5% during the second quarter. Dodge & Cox now owns 8,836,132 shares of the technology company’s stock worth $331,090,000 after purchasing an additional 134,400 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings 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 valued at $372,202,000 after purchasing an additional 253,891 shares during the last quarter. Brandes Investment Partners LP boosted its holdings in Millicom International Cellular by 2.5% in the second quarter. Brandes Investment Partners LP now owns 6,624,718 shares of the technology company’s stock valued at $248,228,000 after purchasing an additional 161,861 shares during the last quarter. Barclays PLC grew its position in Millicom International Cellular by 1.7% during the 3rd quarter. Barclays PLC now owns 2,895,215 shares of the technology company’s stock worth $140,534,000 after purchasing an additional 47,194 shares during the period. Finally, Perpetual Ltd raised its stake in shares of Millicom International Cellular by 5,283.2% during the 3rd quarter. Perpetual Ltd now owns 2,731,971 shares of the technology company’s stock valued at $132,610,000 after buying an additional 2,681,221 shares during the last quarter.

Millicom International Cellular Price Performance

The firm has a market cap of $12.90 billion, a PE ratio of 9.55 and a beta of 0.90. The stock has a 50 day simple moving average of $68.28 and a two-hundred day simple moving average of $56.98. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.86 and a current ratio of 0.88.

Millicom International Cellular (NASDAQ:TIGO) last issued its earnings results on Thursday, February 26th. The technology company reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.45. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. Millicom International Cellular had a return on equity of 17.07% and a net margin of 22.62%.The company’s revenue was up 15.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 earnings per share. Sell-side analysts expect that Millicom International Cellular SA will post 1.91 earnings per share for the current year.

Millicom International Cellular Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 15th. Stockholders of record on Thursday, April 8th will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, April 8th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.0%. Millicom International Cellular’s dividend payout ratio (DPR) is presently 38.22%.

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.