UBS Group Forecasts Strong Price Appreciation for Millicom International Cellular (NASDAQ:TIGO) Stock

Millicom International Cellular (NASDAQ:TIGO) had its price target boosted by stock analysts at UBS Group from $90.00 to $100.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. UBS Group’s price objective would suggest a potential upside of 5.60% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Scotiabank boosted their target price on shares of Millicom International Cellular from $51.20 to $52.40 and gave the company a “sector underperform” rating in a report on Wednesday, May 27th. JPMorgan Chase & Co. upped their price objective on Millicom International Cellular from $86.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, May 20th. Weiss Ratings raised Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, May 13th. Zacks Research lowered Millicom International Cellular from a “hold” rating to a “strong sell” rating in a research note on Monday. Finally, Wall Street Zen cut shares of Millicom International Cellular from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Millicom International Cellular has an average rating of “Hold” and an average target price of $79.28.

Millicom International Cellular Stock Down 3.5%

Shares of TIGO opened at $94.70 on Tuesday. Millicom International Cellular has a 52-week low of $38.50 and a 52-week high of $100.08. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.33. The stock has a fifty day simple moving average of $87.53 and a two-hundred day simple moving average of $75.67. The company has a market capitalization of $16.00 billion, a PE ratio of 12.87 and a beta of 0.92.

Millicom International Cellular (NASDAQ:TIGO) last announced its quarterly earnings results on Tuesday, May 12th. The technology company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.08. Millicom International Cellular had a net margin of 19.16% and a return on equity of 16.38%. The firm had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.99 billion. As a group, equities analysts forecast that Millicom International Cellular will post 1.78 EPS for the current year.

Insider Buying and Selling

In related news, insider Salvador Escalon sold 49,288 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was 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 in the company, valued at $14,634,597.44. This trade represents a 22.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 50,140 shares of company stock worth $4,425,461. 0.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Millicom International Cellular

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