Millicom International Cellular (NASDAQ:TIGO) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of Millicom International Cellular (NASDAQ:TIGO) from a strong sell rating to a hold rating in a research report report published on Tuesday morning,Zacks.com reports.

Other research analysts have also issued reports about the stock. Weiss Ratings reissued a “buy (a-)” rating on shares of Millicom International Cellular in a research note on Friday, August 7th. UBS Group raised their target price on shares of Millicom International Cellular from $90.00 to $100.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Scotiabank raised their target price on Millicom International Cellular from $52.40 to $60.10 and gave the company a “sector underperform” rating in a research note on Friday, August 7th. Wall Street Zen cut Millicom International Cellular from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Millicom International Cellular from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $80.82.

Millicom International Cellular Stock Performance

TIGO stock opened at $96.47 on Tuesday. The company has a current ratio of 0.53, a quick ratio of 0.51 and a debt-to-equity ratio of 3.07. Millicom International Cellular has a 12-month low of $43.38 and a 12-month high of $107.13. The stock’s 50 day simple moving average is $92.68 and its 200 day simple moving average is $81.41. The firm has a market cap of $16.30 billion, a P/E ratio of 24.36 and a beta of 0.91.

Millicom International Cellular (NASDAQ:TIGO) last released its quarterly earnings data on Tuesday, May 12th. The technology company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. Millicom International Cellular had a net margin of 9.19% and a return on equity of 18.39%. As a group, equities research analysts predict that Millicom International Cellular will post 1.78 EPS for the current year.

Insider Activity

In related news, insider Salvador Escalon sold 49,288 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $88.51, for a total transaction of $4,362,480.88. Following the transaction, the insider owned 165,344 shares of the company’s stock, valued at approximately $14,634,597.44. The trade was a 22.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 50,140 shares of company stock valued at $4,425,461 in the last 90 days. Company insiders own 0.52% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc boosted its holdings in shares of Millicom International Cellular by 896.7% in the 2nd quarter. Versant Capital Management Inc now owns 299 shares of the technology company’s stock worth $27,000 after acquiring an additional 269 shares in the last quarter. Allworth Financial LP raised its position in Millicom International Cellular by 1,129.7% in the 4th 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 bought a new position in Millicom International Cellular in the 4th quarter valued at $26,000. PNC Financial Services Group Inc. boosted its stake in Millicom International Cellular by 19.1% in the first quarter. PNC Financial Services Group Inc. now owns 866 shares of the technology company’s stock worth $65,000 after purchasing an additional 139 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in Millicom International Cellular in the fourth quarter worth $61,000.

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.