Millicom International Cellular (NASDAQ:TIGO) Stock Price Expected to Rise, Scotiabank Analyst Says

Millicom International Cellular (NASDAQ:TIGO) had its price objective hoisted by research analysts at Scotiabank from $52.40 to $60.10 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “sector underperform” rating on the technology company’s stock. Scotiabank’s price target would suggest a potential downside of 38.13% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. 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. JPMorgan Chase & Co. upped their price target on shares of 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 upgraded shares of Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, May 13th. Zacks Research cut Millicom International Cellular from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Finally, UBS Group increased their price objective on Millicom International Cellular from $90.00 to $100.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Millicom International Cellular has a consensus rating of “Hold” and an average price target of $80.82.

Millicom International Cellular Stock Up 0.0%

Shares of NASDAQ:TIGO opened at $97.14 on Friday. The company has a 50 day moving average of $92.15 and a 200-day moving average of $80.64. Millicom International Cellular has a one year low of $42.00 and a one year high of $107.13. The stock has a market cap of $16.42 billion, a price-to-earnings ratio of 24.53 and a beta of 0.91. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.53 and a quick ratio of 0.51.

Millicom International Cellular (NASDAQ:TIGO) last posted its quarterly earnings results on Tuesday, May 12th. The technology company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Millicom International Cellular had a return on equity of 18.39% and a net margin of 9.19%.The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. On average, sell-side analysts forecast that Millicom International Cellular will post 1.78 earnings per share for the current year.

Insider Buying and Selling

In other Millicom International Cellular 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 value of $4,362,480.88. Following the completion of the transaction, the insider directly owned 165,344 shares in the company, valued at $14,634,597.44. This trade represents a 22.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 50,140 shares of company stock worth $4,425,461 over the last ninety days.

Institutional Trading of Millicom International Cellular

Large investors have recently added to or reduced their stakes in the company. Assetmark Inc. grew its position in shares of 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 purchasing an additional 20,194 shares during the last quarter. Crossmark Global Holdings Inc. raised its holdings in Millicom International Cellular by 4.1% in the 4th quarter. Crossmark Global Holdings Inc. now owns 413,983 shares of the technology company’s stock valued at $22,951,000 after acquiring an additional 16,126 shares in the last quarter. Amundi grew its stake in Millicom International Cellular by 120.8% during the first quarter. Amundi now owns 529,936 shares of the technology company’s stock worth $39,713,000 after buying an additional 289,913 shares in the last quarter. Vestcor Inc increased its stake in Millicom International Cellular by 31.9% in the fourth 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 last quarter. Finally, Lee Danner & Bass Inc. bought a new stake in Millicom International Cellular during the first quarter worth $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.