Millicom International Cellular (NASDAQ:TIGO) Reaches New 1-Year High - Here's Why

Shares of Millicom International Cellular SA (NASDAQ:TIGO - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $41.01 and last traded at $40.95, with a volume of 530702 shares trading hands. The stock had previously closed at $39.95.

Analysts Set New Price Targets

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

Millicom International Cellular Trading Down 4.4%

The company has a quick ratio of 0.74, a current ratio of 0.76 and a debt-to-equity ratio of 1.65. The stock has a market capitalization of $7.00 billion, a P/E ratio of 19.56 and a beta of 1.06. The firm's 50 day simple moving average is $37.46 and its two-hundred day simple moving average is $31.91.

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

Millicom International Cellular Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 8th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.37%. The ex-dividend date of this dividend was Tuesday, July 8th. Millicom International Cellular's dividend payout ratio is currently 144.23%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TIGO. Dodge & Cox purchased a new position in Millicom International Cellular during the first quarter worth about $263,401,000. Price T Rowe Associates Inc. MD boosted its holdings in Millicom International Cellular by 5,033.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,578,894 shares of the technology company's stock worth $168,874,000 after purchasing an additional 5,470,214 shares during the last quarter. Swedbank AB purchased a new position in Millicom International Cellular during the first quarter worth about $85,909,000. Boston Partners purchased a new position in Millicom International Cellular during the first quarter worth about $73,286,000. Finally, Southeastern Asset Management Inc. TN purchased a new position in Millicom International Cellular during the fourth quarter worth about $60,306,000.

Millicom International Cellular Company Profile

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.