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

Shares of Millicom International Cellular SA (NASDAQ:TIGO) reached a new 52-week high during trading on Thursday . The stock traded as high as $106.44 and last traded at $103.0080, with a volume of 335587 shares changing hands. The stock had previously closed at $91.79.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. UBS Group boosted their price target on shares of Millicom International Cellular from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Zacks Research lowered Millicom International Cellular from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Wall Street Zen cut Millicom International Cellular from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings raised Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, May 13th. Finally, JPMorgan Chase & Co. raised their price objective on Millicom International Cellular from $86.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $79.28.

Millicom International Cellular Price Performance

The firm has a 50-day moving average of $91.51 and a 200 day moving average of $80.05. The company has a market capitalization of $17.77 billion, a PE ratio of 14.35 and a beta of 0.91. 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 (NASDAQ:TIGO) last posted its 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. Millicom International Cellular had a net margin of 19.16% and a return on equity of 16.38%. The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.99 billion. As a group, research analysts anticipate that Millicom International Cellular SA will post 1.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Salvador Escalon sold 49,288 shares of the 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 transaction, the insider directly owned 165,344 shares of the company’s stock, valued at $14,634,597.44. This represents a 22.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders have sold 50,140 shares of company stock worth $4,425,461. 0.52% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Millicom International Cellular

A number of large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. bought a new stake in shares of Millicom International Cellular during the 1st quarter valued at $50,664,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Millicom International Cellular by 46,519.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,263,376 shares of the technology company’s stock worth $70,042,000 after buying an additional 1,260,666 shares during the period. Tredje AP fonden purchased a new position in shares of Millicom International Cellular during the 4th quarter valued at about $60,459,000. State Street Corp increased its holdings in Millicom International Cellular by 129.2% in the 2nd quarter. State Street Corp now owns 1,820,070 shares of the technology company’s stock worth $68,198,000 after acquiring an additional 1,026,063 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new position in Millicom International Cellular during the fourth quarter valued at approximately $55,440,000.

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.