Millicom International Cellular (NASDAQ:TIGO) Shares Down 5.6% After Analyst Downgrade

Millicom International Cellular SA (NASDAQ:TIGO)’s share price traded down 5.6% during trading on Tuesday after UBS Group downgraded the stock from a buy rating to a neutral rating. UBS Group now has a $90.00 price target on the stock. Millicom International Cellular traded as low as $81.00 and last traded at $81.00. 391,025 shares traded hands during trading, a decline of 71% from the average session volume of 1,339,084 shares. The stock had previously closed at $85.84.

Several other research firms have also recently weighed in on TIGO. Scotiabank upped their target price on Millicom International Cellular from $43.00 to $51.20 and gave the stock a “sector underperform” rating in a research note on Monday, March 30th. Morgan Stanley reiterated a “positive” rating and issued a $55.00 price target on shares of Millicom International Cellular in a research note on Thursday, February 26th. Wall Street Zen cut Millicom International Cellular from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. HSBC upgraded Millicom International Cellular from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research report on Friday, March 6th. Finally, Weiss Ratings upgraded Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.04.

Institutional Investors Weigh In On Millicom International Cellular

Several hedge funds have recently modified their holdings of the company. Smartleaf Asset Management LLC increased its holdings in Millicom International Cellular by 155.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 516 shares of the technology company’s stock worth $25,000 after purchasing an additional 314 shares in the last quarter. Allworth Financial LP boosted its stake in shares of 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 in the last quarter. Altshuler Shaham Ltd bought a new stake in shares of Millicom International Cellular during the fourth quarter worth about $26,000. Blue Trust Inc. increased its stake 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 buying an additional 427 shares during the period. Finally, Spire Wealth Management bought a new position in Millicom International Cellular in the 4th quarter valued at approximately $29,000.

Millicom International Cellular Trading Down 5.6%

The firm’s 50-day moving average is $79.91 and its 200 day moving average is $65.92. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 2.33. The firm has a market capitalization of $13.69 billion, a price-to-earnings ratio of 11.01 and a beta of 0.93.

Millicom International Cellular (NASDAQ:TIGO) last announced its quarterly earnings results on Tuesday, May 12th. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.08. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Millicom International Cellular had a net margin of 19.16% and a return on equity of 16.38%. On average, equities analysts predict that Millicom International Cellular SA will post 3.27 earnings per share for the current fiscal year.

Millicom International Cellular Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Shareholders of record on Thursday, April 8th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, April 8th. This represents a $3.00 annualized dividend and a yield of 3.7%. Millicom International Cellular’s payout ratio is presently 40.76%.

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.