Millicom International Cellular (NASDAQ:TIGO) Sets New 1-Year High After Better-Than-Expected Earnings

Millicom International Cellular SA (NASDAQ:TIGO) shares hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $72.23 and last traded at $70.2280, with a volume of 363553 shares traded. The stock had previously closed at $66.70.

The technology company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.45. Millicom International Cellular had a return on equity of 10.81% and a net margin of 19.58%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TIGO. Scotiabank lowered shares of Millicom International Cellular from a “sector perform” rating to a “sector underperform” rating and lowered their target price for the stock from $46.80 to $43.00 in a research report on Wednesday, February 11th. Zacks Research cut shares of Millicom International Cellular from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. UBS Group upgraded Millicom International Cellular from a “neutral” rating to a “buy” rating and boosted their price target for the company from $49.00 to $70.00 in a research report on Thursday, January 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Millicom International Cellular in a research report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. boosted their target price on Millicom International Cellular from $55.00 to $63.00 and gave the company an “overweight” rating in a report on Monday, November 17th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $53.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TIGO. Allworth Financial LP grew its stake in shares of Millicom International Cellular by 1,129.7% during the 4th quarter. Allworth Financial LP now owns 455 shares of the technology company’s stock worth $25,000 after purchasing an additional 418 shares during the period. Altshuler Shaham Ltd purchased a new position in Millicom International Cellular in the fourth quarter valued at about $26,000. Blue Trust Inc. lifted its position in shares of Millicom International Cellular by 736.2% during the 4th quarter. Blue Trust Inc. now owns 485 shares of the technology company’s stock valued at $27,000 after acquiring an additional 427 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Millicom International Cellular by 155.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 516 shares of the technology company’s stock worth $25,000 after acquiring an additional 314 shares during the period. Finally, Spire Wealth Management purchased a new position in Millicom International Cellular in the 4th quarter valued at approximately $29,000.

Millicom International Cellular Stock Performance

The firm has a fifty day moving average of $59.48 and a 200-day moving average of $52.51. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 1.76. The stock has a market capitalization of $11.92 billion, a price-to-earnings ratio of 10.67 and a beta of 0.93.

Millicom International Cellular Company Profile

Millicom International Cellular SA, trading under the TIGO brand, is a Luxembourg‐headquartered telecommunications and media company that provides a range of mobile, cable broadband, digital television and enterprise services. Through its integrated infrastructure, the company delivers voice and data connectivity, high‐speed internet access and pay‐television packages to millions of customers, supported by ongoing investments in network coverage and capacity.

Established in 1990 by Swedish investor Jan Stenbeck, Millicom has grown into a multi‐regional operator focused primarily on Central and South America.