Millicom International Cellular (NASDAQ:TIGO) Shares Down 6.3% - What's Next?

Key Points

• Millicom International Cellular shares fell by 6.3%, trading as low as $47.06, significantly below its prior close of $50.28, signaling a downturn in mid-day trading.
• Analyst ratings for Millicom are mixed, with some firms upgrading it to a "strong-buy" while others have downgraded it to "neutral", reflecting uncertainty in its stock performance.
• For its recent quarter, Millicom reported $0.51 earnings per share, missing estimates, with revenue of $1.37 billion, which was below analyst expectations of $1.40 billion.

Millicom International Cellular SA (NASDAQ:TIGO - Get Free Report)'s stock price was down 6.3% during mid-day trading on Wednesday . The company traded as low as $47.06 and last traded at $47.12. Approximately 481,156 shares changed hands during trading, a decline of 50% from the average daily volume of 956,438 shares. The stock had previously closed at $50.28.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TIGO. Wall Street Zen raised Millicom International Cellular from a "buy" rating to a "strong-buy" rating in a research note on Sunday. UBS Group lowered shares of Millicom International Cellular from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $39.50 to $49.00 in a report on Thursday, September 11th. 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. Scotiabank upped their target price on shares of Millicom International Cellular from $37.00 to $46.10 and gave the stock a "sector perform" rating in a report on Tuesday, August 19th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Millicom International Cellular from $50.00 to $55.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.02.

Millicom International Cellular Trading Down 5.5%

The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.59. The company's fifty day moving average price is $44.75 and its two-hundred day moving average price is $37.64. The firm has a market cap of $8.18 billion, a PE ratio of 8.36 and a beta of 1.09.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported $0.51 earnings per share 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 analyst estimates of $1.40 billion. As a group, sell-side analysts forecast that Millicom International Cellular SA will post 1.91 earnings per share for the current fiscal year.

Institutional Trading of Millicom International Cellular

Large investors have recently modified their holdings of the company. Boston Partners bought a new position in shares of Millicom International Cellular during the 1st quarter valued at about $73,286,000. Teacher Retirement System of Texas bought a new position in shares of Millicom International Cellular in the first quarter valued at approximately $1,402,000. KBC Group NV bought a new position in shares of Millicom International Cellular in the first quarter valued at approximately $233,000. CWA Asset Management Group LLC raised its position in shares of Millicom International Cellular by 34.3% in the first quarter. CWA Asset Management Group LLC now owns 12,307 shares of the technology company's stock valued at $373,000 after purchasing an additional 3,141 shares during the period. Finally, Militia Capital Partners LP acquired a new stake in shares of Millicom International Cellular in the first quarter worth $908,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.