Millicom International Cellular (NASDAQ:TIGO) Reaches New 52-Week High - Here's What Happened

Millicom International Cellular SA (NASDAQ:TIGO - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $38.89 and last traded at $38.46, with a volume of 118946 shares. The stock had previously closed at $37.90.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TIGO shares. Barclays lowered their price objective on shares of Millicom International Cellular from $310.00 to $36.00 and set an "equal weight" rating for the company in a research report on Thursday, April 3rd. Wall Street Zen cut Millicom International Cellular from a "strong-buy" rating to a "buy" rating in a research note on Friday, May 30th. UBS Group raised their price objective on Millicom International Cellular from $31.50 to $39.50 and gave the stock a "buy" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. raised their target price on Millicom International Cellular from $41.00 to $50.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Finally, Scotiabank cut Millicom International Cellular from a "sector outperform" rating to a "sector perform" rating and set a $37.00 target price on the stock. in a research note on Tuesday, June 17th. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $38.08.

Millicom International Cellular Trading Up 0.7%

The firm has a market capitalization of $6.44 billion, a price-to-earnings ratio of 18.00 and a beta of 1.06. The company has a current ratio of 0.76, a quick ratio of 0.74 and a debt-to-equity ratio of 1.65. The company has a fifty day moving average price of $36.36 and a 200-day moving average price of $30.88.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The technology company reported $1.14 EPS for the quarter, topping the consensus estimate of $0.91 by $0.23. The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.45 billion. Millicom International Cellular had a return on equity of 10.02% and a net margin of 6.20%. The company's revenue for the quarter was down 7.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.54 EPS. On average, equities research analysts predict that Millicom International Cellular SA will post 1.91 EPS for the current year.

Millicom International Cellular Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 8th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 8.01%. The ex-dividend date of this dividend is Tuesday, July 8th. Millicom International Cellular's dividend payout ratio (DPR) is 144.23%.

Hedge Funds Weigh In On Millicom International Cellular

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Swedbank AB acquired a new position in Millicom International Cellular in the first quarter worth $85,909,000. Militia Capital Partners LP acquired a new position in Millicom International Cellular in the first quarter worth $908,000. Acadian Asset Management LLC acquired a new position in Millicom International Cellular in the first quarter worth $819,000. Jane Street Group LLC acquired a new position in Millicom International Cellular in the first quarter worth $928,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in Millicom International Cellular in the first quarter worth $8,504,000.

About Millicom International Cellular

Millicom International Cellular SA provides cable and mobile services in Latin America. It offers mobile services, including mobile data and voice, and short message services; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance.