SEB Asset Management AB Buys Shares of 149,716 Millicom International Cellular SA $TIGO

Key Points

• SEB Asset Management AB opened a new position in Millicom International Cellular, buying 149,716 shares worth about $11.22 million in the first quarter.
• Analyst sentiment is mixed: several firms recently adjusted ratings and targets, but the consensus remains “Hold” with an average price target of $79.28.
• Millicom reported solid quarterly results, with EPS of $0.97 beating estimates and shares trading near their 52-week high after rising to $97.38.

SEB Asset Management AB purchased a new position in shares of Millicom International Cellular SA (NASDAQ:TIGO - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 149,716 shares of the technology company's stock, valued at approximately $11,220,000. SEB Asset Management AB owned 0.09% of Millicom International Cellular at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in Millicom International Cellular by 3.9% during the fourth quarter. JPMorgan Chase & Co. now owns 6,713,607 shares of the technology company's stock worth $372,202,000 after purchasing an additional 253,891 shares during the last quarter. State Street Corp increased its stake in shares of Millicom International Cellular by 14.9% in the 4th quarter. State Street Corp now owns 2,279,268 shares of the technology company's stock valued at $126,364,000 after purchasing an additional 296,319 shares during the last quarter. Goldman Sachs Group Inc. acquired a new position in shares of Millicom International Cellular during the 1st quarter worth $50,664,000. Boston Partners lifted its position in shares of Millicom International Cellular by 2.7% during the 4th quarter. Boston Partners now owns 1,603,730 shares of the technology company's stock worth $88,911,000 after buying an additional 41,765 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Millicom International Cellular by 128.2% during the 3rd quarter. Northern Trust Corp now owns 1,271,086 shares of the technology company's stock worth $61,699,000 after buying an additional 714,158 shares during the last quarter.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Scotiabank lifted their target price on Millicom International Cellular from $51.20 to $52.40 and gave the company a "sector underperform" rating in a research report on Wednesday, May 27th. Weiss Ratings raised shares of Millicom International Cellular from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, May 13th. Wall Street Zen downgraded shares of Millicom International Cellular from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Zacks Research lowered shares of 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 shares of Millicom International Cellular from $90.00 to $100.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $79.28.

Insider Activity at Millicom International Cellular

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 completion of the sale, the insider owned 165,344 shares of the company's stock, 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 SEC, which is available at the SEC website. In the last 90 days, insiders sold 50,140 shares of company stock worth $4,425,461. 0.52% of the stock is owned by corporate insiders.

Millicom International Cellular Price Performance

Shares of NASDAQ TIGO opened at $97.38 on Tuesday. The company has a market capitalization of $16.46 billion, a PE ratio of 13.23 and a beta of 0.92. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.33. Millicom International Cellular SA has a twelve month low of $39.01 and a twelve month high of $100.08. The firm has a fifty day simple moving average of $88.56 and a 200 day simple moving average of $76.55.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last issued 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. Millicom International Cellular had a return on equity of 16.38% and a net margin of 19.16%.The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. On average, sell-side analysts forecast that Millicom International Cellular SA will post 1.78 EPS for the current year.

Millicom International Cellular 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.

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