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

Shares of 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 changed hands 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.

Several other equities analysts have also weighed in on TIGO. Morgan Stanley restated a “positive” rating and set a $55.00 price target on shares of Millicom International Cellular in a research report on Thursday, February 26th. Wall Street Zen lowered shares of Millicom International Cellular from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Weiss Ratings reiterated a “buy (b)” rating on shares of Millicom International Cellular in a research note on Thursday, January 22nd. HSBC raised shares of Millicom International Cellular from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a research report on Friday, March 6th. Finally, UBS Group raised shares of Millicom International Cellular from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $49.00 to $70.00 in a report on Thursday, January 15th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $60.70.

Institutional Investors Weigh In On Millicom International Cellular

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP lifted its holdings in Millicom International Cellular by 1,129.7% during the fourth quarter. Allworth Financial LP now owns 455 shares of the technology company’s stock valued at $25,000 after purchasing an additional 418 shares during the last quarter. Altshuler Shaham Ltd purchased a new position in shares of Millicom International Cellular in the fourth quarter worth about $26,000. Blue Trust Inc. raised its position in shares of Millicom International Cellular by 736.2% in the fourth quarter. Blue Trust Inc. now owns 485 shares of the technology company’s stock valued at $27,000 after purchasing an additional 427 shares during the period. Smartleaf Asset Management LLC raised its position in shares of Millicom International Cellular by 155.4% in the third quarter. Smartleaf Asset Management LLC now owns 516 shares of the technology company’s stock valued at $25,000 after purchasing an additional 314 shares during the period. Finally, Spire Wealth Management purchased a new stake in shares of Millicom International Cellular during the 4th quarter valued at approximately $29,000.

Millicom International Cellular Stock Up 3.3%

The stock’s 50 day moving average is $67.95 and its 200 day moving average is $56.78. The company has a market capitalization of $13.00 billion, a PE ratio of 9.63 and a beta of 0.90. 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 released its quarterly earnings data on Thursday, February 26th. The technology company reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.45. Millicom International Cellular had a net margin of 22.62% and a return on equity of 17.07%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business earned $0.18 EPS. Millicom International Cellular’s revenue was up 15.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Millicom International Cellular SA will post 1.91 EPS for the current fiscal year.

Millicom International Cellular Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Stockholders of record on Thursday, April 8th will be given a $0.75 dividend. The ex-dividend date is Thursday, April 8th. This represents a $3.00 annualized dividend and a dividend yield of 4.0%. Millicom International Cellular’s payout ratio is 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.