Millicom International Cellular (NASDAQ:TIGO) Stock Rating Lowered by Zacks Research

Millicom International Cellular (NASDAQ:TIGO) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday,Zacks.com reports.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. raised their target price on Millicom International Cellular from $86.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, May 20th. UBS Group cut Millicom International Cellular from a “buy” rating to a “neutral” rating and set a $90.00 price objective for the company. in a research report on Tuesday, May 26th. Scotiabank raised their price objective on Millicom International Cellular from $51.20 to $52.40 and gave the stock a “sector underperform” rating in a research report on Wednesday, May 27th. Weiss Ratings raised shares of Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, May 13th. Finally, Wall Street Zen cut shares of Millicom International Cellular from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $77.28.

Millicom International Cellular Stock Up 2.5%

Millicom International Cellular stock opened at $98.16 on Monday. The firm has a market cap of $16.59 billion, a price-to-earnings ratio of 13.34 and a beta of 0.92. The company has a debt-to-equity ratio of 2.33, a current ratio of 0.62 and a quick ratio of 0.60. Millicom International Cellular has a fifty-two week low of $38.32 and a fifty-two week high of $100.08. The firm has a fifty day moving average price of $87.33 and a two-hundred day moving average price of $75.38.

Millicom International Cellular (NASDAQ:TIGO) last issued its quarterly earnings results on Tuesday, May 12th. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.08. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. Millicom International Cellular had a return on equity of 16.38% and a net margin of 19.16%. As a group, analysts forecast that Millicom International Cellular will post 1.78 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Salvador Escalon sold 49,288 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $88.51, for a total transaction of $4,362,480.88. Following the completion of the sale, the insider directly owned 165,344 shares of the company’s stock, valued at $14,634,597.44. This trade represents a 22.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 50,140 shares of company stock worth $4,425,461.

Institutional Trading of Millicom International Cellular

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Allworth Financial LP grew its holdings in 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 acquiring an additional 418 shares during the last quarter. Altshuler Shaham Ltd bought a new position in shares of Millicom International Cellular in the fourth quarter worth about $26,000. Blue Trust Inc. lifted its position in shares of Millicom International Cellular by 736.2% during the fourth quarter. Blue Trust Inc. now owns 485 shares of the technology company’s stock worth $27,000 after purchasing an additional 427 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Millicom International Cellular by 896.7% during the second quarter. Versant Capital Management Inc now owns 299 shares of the technology company’s stock valued at $27,000 after purchasing an additional 269 shares during the last quarter. Finally, Spire Wealth Management bought a new stake in shares of Millicom International Cellular during the fourth quarter valued at approximately $29,000.

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.