Millicom International Cellular (NASDAQ:TIGO) Shares Gap Down – What’s Next?

Millicom International Cellular SA (NASDAQ:TIGO)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $78.50, but opened at $72.97. Millicom International Cellular shares last traded at $76.59, with a volume of 578,639 shares changing hands.

Analyst Ratings Changes

TIGO has been the subject of several analyst reports. Morgan Stanley reissued a “positive” rating and set a $55.00 price target on shares of Millicom International Cellular in a report on Thursday, February 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Millicom International Cellular in a research note on Thursday, January 22nd. Wall Street Zen cut shares of Millicom International Cellular from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Scotiabank boosted their price objective on Millicom International Cellular from $43.00 to $51.20 and gave the stock a “sector underperform” rating in a research report on Monday, March 30th. Finally, HSBC upgraded Millicom International Cellular from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a research report on Friday, March 6th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.64.

Millicom International Cellular Stock Up 2.9%

The firm has a market cap of $13.65 billion, a price-to-earnings ratio of 10.29 and a beta of 0.93. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.81. The stock’s 50 day moving average is $77.72 and its 200 day moving average is $63.43.

Millicom International Cellular (NASDAQ:TIGO) last issued its quarterly earnings results on Thursday, February 26th. The technology company reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.45. Millicom International Cellular had a return on equity of 17.07% and a net margin of 22.62%.The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period last year, the company posted $0.18 EPS. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. Analysts forecast that Millicom International Cellular SA will post 3.23 EPS for the current year.

Millicom International Cellular Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Investors of record on Thursday, April 8th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Thursday, April 8th. Millicom International Cellular’s dividend payout ratio (DPR) is presently 38.22%.

Institutional Investors Weigh In On Millicom International Cellular

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada grew its holdings in shares of Millicom International Cellular by 48.1% in the 1st quarter. Royal Bank of Canada now owns 46,183 shares of the technology company’s stock worth $1,398,000 after acquiring an additional 14,990 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Millicom International Cellular by 5.0% during the first quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company’s stock valued at $290,000 after purchasing an additional 453 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Millicom International Cellular in the 1st quarter valued at $2,188,000. Goldman Sachs Group Inc. purchased a new position in Millicom International Cellular in the 1st quarter worth about $50,664,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in Millicom International Cellular during the 1st quarter worth about $8,504,000.

About Millicom International Cellular

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.