Millicom International Cellular (NASDAQ:TIGO) Sets New 12-Month High Following Analyst Upgrade

Key Points

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Millicom International Cellular SA (NASDAQ:TIGO - Get Free Report) shares hit a new 52-week high during trading on Tuesday after Scotiabank raised their price target on the stock from $37.00 to $46.10. Scotiabank currently has a sector perform rating on the stock. Millicom International Cellular traded as high as $45.51 and last traded at $44.92, with a volume of 850804 shares trading hands. The stock had previously closed at $44.67.

Other equities analysts have also recently issued research reports about the stock. Zacks Research raised shares of Millicom International Cellular from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. JPMorgan Chase & Co. increased their price objective on shares of Millicom International Cellular from $50.00 to $55.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Wall Street Zen lowered shares of Millicom International Cellular from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 17th. Finally, UBS Group raised their price target on shares of Millicom International Cellular from $31.50 to $39.50 and gave the stock a "buy" rating in a research note on Friday, May 16th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $40.43.

Institutional Trading of Millicom International Cellular

A number of hedge funds have recently made changes to their positions in TIGO. Dodge & Cox lifted its stake in Millicom International Cellular by 1.5% in the second quarter. Dodge & Cox now owns 8,836,132 shares of the technology company's stock worth $331,090,000 after purchasing an additional 134,400 shares during the last quarter. Brandes Investment Partners LP increased its position in shares of Millicom International Cellular by 2.5% in the second quarter. Brandes Investment Partners LP now owns 6,624,718 shares of the technology company's stock valued at $248,228,000 after acquiring an additional 161,861 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Millicom International Cellular by 5,033.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,578,894 shares of the technology company's stock valued at $168,874,000 after acquiring an additional 5,470,214 shares during the period. Boston Partners increased its position in shares of Millicom International Cellular by 22.1% in the second quarter. Boston Partners now owns 2,956,476 shares of the technology company's stock valued at $110,779,000 after acquiring an additional 535,399 shares during the period. Finally, Swedbank AB purchased a new position in shares of Millicom International Cellular in the first quarter valued at about $85,909,000.

Millicom International Cellular Price Performance

The business's 50-day simple moving average is $39.97 and its 200-day simple moving average is $34.46. The stock has a market cap of $8.12 billion, a PE ratio of 8.32 and a beta of 1.04. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.59.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.03). Millicom International Cellular had a net margin of 16.97% and a return on equity of 10.32%. The firm had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.40 billion. On average, research analysts expect that Millicom International Cellular SA will post 1.91 EPS for the current fiscal year.

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.