Scotiabank Downgrades Millicom International Cellular (NASDAQ:TIGO) to Sector Perform

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) was downgraded by equities research analysts at Scotiabank from a "sector outperform" rating to a "sector perform" rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They currently have a $37.00 price target on the technology company's stock. Scotiabank's target price would indicate a potential downside of 3.34% from the company's current price.

Other research analysts have also issued reports about the company. UBS Group increased 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. Barclays lowered their target price on shares of Millicom International Cellular from $310.00 to $36.00 and set an "equal weight" rating on the stock in a report on Thursday, April 3rd. Wall Street Zen downgraded shares of Millicom International Cellular from a "strong-buy" rating to a "buy" rating in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. boosted 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 report on Tuesday, May 27th. 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 company. Based on data from MarketBeat, Millicom International Cellular presently has an average rating of "Moderate Buy" and a consensus target price of $38.08.

Millicom International Cellular Stock Up 1.6%

TIGO opened at $38.28 on Tuesday. The business has a 50-day moving average of $34.13 and a 200-day moving average of $29.44. Millicom International Cellular has a fifty-two week low of $22.59 and a fifty-two week high of $38.50. The company has a market capitalization of $6.59 billion, a PE ratio of 40.72 and a beta of 1.08. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.66 and a quick ratio of 0.64.

Millicom International Cellular (NASDAQ:TIGO - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The technology company reported $1.14 EPS for the quarter, beating the consensus estimate of $0.91 by $0.23. Millicom International Cellular had a return on equity of 4.43% and a net margin of 2.70%. The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter last year, the company posted $0.54 earnings per share. The company's revenue for the quarter was down 7.6% compared to the same quarter last year. Equities research analysts forecast that Millicom International Cellular will post 1.91 EPS for the current fiscal year.

Institutional Trading of Millicom International Cellular

Hedge funds and other institutional investors have recently modified their holdings of the stock. State of Wyoming acquired a new stake in Millicom International Cellular during the 4th quarter valued at approximately $49,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Millicom International Cellular in the 1st quarter valued at about $84,000. Wells Fargo & Company MN increased its holdings in shares of Millicom International Cellular by 72.4% during the fourth quarter. Wells Fargo & Company MN now owns 4,892 shares of the technology company's stock valued at $122,000 after acquiring an additional 2,055 shares in the last quarter. Principal Securities Inc. lifted its holdings in shares of Millicom International Cellular by 22.2% in the 4th quarter. Principal Securities Inc. now owns 7,030 shares of the technology company's stock worth $176,000 after purchasing an additional 1,277 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Millicom International Cellular by 65.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,284 shares of the technology company's stock valued at $190,000 after buying an additional 2,489 shares during the last quarter.

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.

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