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

Millicom International Cellular (NASDAQ:TIGO) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

Several other brokerages also recently issued reports on TIGO. Scotiabank increased their price target on Millicom International Cellular from $52.40 to $60.10 and gave the stock a “sector underperform” rating in a report on Friday, August 7th. UBS Group boosted their price objective on Millicom International Cellular from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Weiss Ratings reissued a “buy (a-)” rating on shares of Millicom International Cellular 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 research note on Saturday, May 16th. Finally, JPMorgan Chase & Co. raised their target price on shares of Millicom International Cellular from $86.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.82.

Millicom International Cellular Stock Up 1.5%

Shares of NASDAQ TIGO opened at $96.47 on Tuesday. Millicom International Cellular has a 52-week low of $43.38 and a 52-week high of $107.13. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.51 and a current ratio of 0.53. The stock has a market cap of $16.30 billion, a P/E ratio of 24.36 and a beta of 0.91. The firm has a 50 day moving average price of $92.68 and a 200 day moving average price of $81.41.

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, topping analysts’ consensus estimates of $0.89 by $0.08. The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.99 billion. Millicom International Cellular had a net margin of 9.19% and a return on equity of 18.39%. Analysts expect that Millicom International Cellular will post 1.78 EPS for the current year.

Insider Activity at Millicom International Cellular

In related news, insider Salvador Escalon sold 49,288 shares of the stock in a transaction dated 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 completion of the transaction, the insider directly owned 165,344 shares in the company, valued at approximately $14,634,597.44. This trade represents a 22.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 50,140 shares of company stock valued at $4,425,461 in the last 90 days. Insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On Millicom International Cellular

Several hedge funds have recently made changes to their positions in TIGO. Assetmark Inc. raised its stake in Millicom International Cellular by 31.1% in the fourth quarter. Assetmark Inc. now owns 85,059 shares of the technology company’s stock valued at $4,716,000 after buying an additional 20,194 shares during the period. Crossmark Global Holdings Inc. increased its holdings in shares of Millicom International Cellular by 4.1% during the 4th quarter. Crossmark Global Holdings Inc. now owns 413,983 shares of the technology company’s stock worth $22,951,000 after acquiring an additional 16,126 shares during the last quarter. Amundi raised its stake in Millicom International Cellular by 120.8% in the 1st quarter. Amundi now owns 529,936 shares of the technology company’s stock valued at $39,713,000 after acquiring an additional 289,913 shares during the period. Vestcor Inc raised its stake in Millicom International Cellular by 31.9% in the 4th quarter. Vestcor Inc now owns 107,009 shares of the technology company’s stock valued at $5,933,000 after acquiring an additional 25,880 shares during the period. Finally, Lee Danner & Bass Inc. acquired a new stake in Millicom International Cellular during the 1st quarter valued at $18,210,000.

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.