Millicom International Cellular (NASDAQ:TIGO) Trading Down 6.4% – Here’s What Happened

Millicom International Cellular SA (NASDAQ:TIGO)’s stock price dropped 6.4% on Wednesday . The company traded as low as $52.81 and last traded at $52.9850. Approximately 1,359,344 shares changed hands during trading, an increase of 24% from the average daily volume of 1,096,536 shares. The stock had previously closed at $56.60.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Wall Street Zen raised Millicom International Cellular from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 11th. JPMorgan Chase & Co. lifted their target price on shares of Millicom International Cellular from $55.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Zacks Research upgraded shares of Millicom International Cellular from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 19th. Scotiabank lifted their price target on Millicom International Cellular from $46.10 to $46.80 and gave the company a “sector perform” rating in a report on Friday, November 7th. Finally, UBS Group lowered Millicom International Cellular from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $39.50 to $49.00 in a research report on Thursday, September 11th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.47.

Millicom International Cellular Price Performance

The company’s fifty day moving average price is $52.34 and its two-hundred day moving average price is $47.13. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 1.76. The company has a market cap of $8.63 billion, a price-to-earnings ratio of 23.67 and a beta of 0.94.

Millicom International Cellular (NASDAQ:TIGO) last issued its quarterly earnings results on Thursday, November 6th. The technology company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.21). The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. Millicom International Cellular had a return on equity of 10.81% and a net margin of 19.58%.The firm’s revenue was down .8% on a year-over-year basis. On average, equities research analysts forecast that Millicom International Cellular SA will post 1.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Millicom International Cellular

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its stake in Millicom International Cellular by 348.9% during the third quarter. JPMorgan Chase & Co. now owns 6,459,716 shares of the technology company’s stock worth $313,555,000 after acquiring an additional 5,020,602 shares in the last quarter. Swedbank AB purchased a new position in Millicom International Cellular during the 1st quarter worth $85,909,000. Perpetual Ltd raised its stake in Millicom International Cellular by 5,283.2% in the third 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. Goldman Sachs Group Inc. purchased a new stake in Millicom International Cellular during the 1st quarter valued at about $50,664,000. Finally, State Street Corp lifted its holdings in shares of Millicom International Cellular by 129.2% in the 2nd quarter. State Street Corp now owns 1,820,070 shares of the technology company’s stock valued at $68,198,000 after buying an additional 1,026,063 shares during the period.

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.