Millicom International Cellular (NASDAQ:TIGO) Given Neutral Rating at JPMorgan Chase & Co.

Key Points

• JPMorgan reaffirmed its “neutral” rating on Millicom International Cellular and raised its price target from $100 to $105, implying 11.39% potential upside from the current price.
• Analyst sentiment remains mixed, with the stock carrying an overall “Hold” consensus and an average price target of $85.68; ratings include one Strong Buy, two Buys, three Holds and one Sell.
• TIGO shares opened at $94.26, with a market capitalization of $15.93 billion, while insiders have sold more than $4.4 million of stock over the past three months. Several major institutional investors, including JPMorgan and State Street, increased their holdings.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report)'s stock had its "neutral" rating reissued by stock analysts at JPMorgan Chase & Co. in a report issued on Tuesday,Benzinga reports. They presently have a $105.00 target price on the technology company's stock, up from their prior target price of $100.00. JPMorgan Chase & Co.'s price objective indicates a potential upside of 11.39% from the company's current price.

A number of other equities research analysts also recently weighed in on TIGO. Royal Bank Of Canada set a $105.00 target price on Millicom International Cellular in a report on Tuesday. Wall Street Zen downgraded Millicom International Cellular from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. UBS Group increased their price target on Millicom International Cellular from $90.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. Scotiabank increased their price target on Millicom International Cellular from $52.40 to $60.10 and gave the company a "sector underperform" rating in a research report on Friday, August 7th. Finally, Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Millicom International Cellular in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Millicom International Cellular currently has an average rating of "Hold" and an average price target of $85.68.

Millicom International Cellular Stock Performance

Shares of Millicom International Cellular stock opened at $94.26 on Tuesday. The firm has a market cap of $15.93 billion, a price-to-earnings ratio of 23.80 and a beta of 0.91. Millicom International Cellular has a one year low of $44.06 and a one year high of $107.13. The stock's 50-day moving average is $93.26 and its 200-day moving average is $82.11. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.53 and a quick ratio of 0.51.

Insider Buying and Selling at Millicom International Cellular

In other Millicom International Cellular news, insider Salvador Escalon sold 49,288 shares of Millicom International Cellular stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $88.51, for a total value of $4,362,480.88. Following the completion of the sale, the insider owned 165,344 shares of the company's stock, valued at approximately $14,634,597.44. The trade was a 22.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 50,140 shares of company stock worth $4,425,461 over the last three months.

Institutional Investors Weigh In On Millicom International Cellular

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings 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 valued at $372,202,000 after purchasing an additional 253,891 shares during the period. State Street Corp raised its stake in Millicom International Cellular by 14.9% during the 4th quarter. State Street Corp now owns 2,279,268 shares of the technology company's stock worth $126,364,000 after acquiring an additional 296,319 shares during the period. Goldman Sachs Group Inc. purchased a new position in Millicom International Cellular during the first quarter valued at approximately $50,664,000. Boston Partners boosted its position in shares of Millicom International Cellular by 2.7% in the fourth quarter. Boston Partners now owns 1,603,730 shares of the technology company's stock worth $88,911,000 after purchasing an additional 41,765 shares during the period. Finally, Northern Trust Corp raised 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 valued at $61,699,000 after purchasing an additional 714,158 shares during the period.

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.

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