JPMorgan Chase & Co. Buys 5,020,602 Shares of Millicom International Cellular SA $TIGO

JPMorgan Chase & Co. increased its stake in shares of Millicom International Cellular SA (NASDAQ:TIGO) by 348.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 6,459,716 shares of the technology company’s stock after acquiring an additional 5,020,602 shares during the period. JPMorgan Chase & Co.’s holdings in Millicom International Cellular were worth $313,555,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Aberdeen Group plc bought a new stake in Millicom International Cellular during the third quarter worth approximately $26,167,000. Ameritas Advisory Services LLC acquired a new stake in shares of Millicom International Cellular in the third quarter worth $32,000. Abich Financial Wealth Management LLC bought a new stake in shares of Millicom International Cellular during the 3rd quarter worth $154,000. Rhumbline Advisers grew its stake in Millicom International Cellular by 7.4% in the 3rd quarter. Rhumbline Advisers now owns 84,921 shares of the technology company’s stock valued at $4,122,000 after buying an additional 5,859 shares during the last quarter. Finally, SPC Financial Inc. bought a new position in Millicom International Cellular in the 3rd quarter worth $204,000.

Analyst Upgrades and Downgrades

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

Millicom International Cellular Trading Down 0.8%

Shares of TIGO opened at $63.95 on Friday. The stock’s 50-day moving average price is $58.36 and its 200 day moving average price is $51.71. 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 firm has a market capitalization of $11.01 billion, a price-to-earnings ratio of 9.79 and a beta of 0.93. Millicom International Cellular SA has a 12-month low of $25.50 and a 12-month high of $68.93.

About Millicom International Cellular

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.