Millicom International Cellular (NASDAQ:TIGO) Price Target Raised to $60.10

Millicom International Cellular (NASDAQ:TIGO) had its target price raised by Scotiabank from $52.40 to $60.10 in a research note published on Friday morning,Benzinga reports. The brokerage currently has a sector underperform rating on the technology company’s stock.

Several other equities analysts have also issued reports on the company. JPMorgan Chase & Co. upped their price target on Millicom International Cellular from $86.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, May 20th. UBS Group boosted their price objective on Millicom International Cellular from $90.00 to $100.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Weiss Ratings raised shares of Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, May 13th. Zacks Research downgraded shares of Millicom International Cellular from a “hold” rating to a “strong sell” rating in a research note on Monday, July 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 assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Millicom International Cellular presently has an average rating of “Hold” and a consensus price target of $80.82.

Millicom International Cellular Price Performance

Shares of TIGO stock opened at $97.14 on Friday. Millicom International Cellular has a 1 year low of $42.00 and a 1 year high of $107.13. The company has a current ratio of 0.53, a quick ratio of 0.51 and a debt-to-equity ratio of 3.07. The firm’s 50 day moving average is $92.15 and its 200-day moving average is $80.64. The firm has a market capitalization of $16.42 billion, a price-to-earnings ratio of 24.53 and a beta of 0.91.

Millicom International Cellular (NASDAQ:TIGO) last posted its quarterly earnings data on Tuesday, May 12th. The technology company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Millicom International Cellular had a net margin of 9.19% and a return on equity of 18.39%. Sell-side analysts forecast that Millicom International Cellular will post 1.78 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Salvador Escalon sold 49,288 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $88.51, for a total transaction of $4,362,480.88. Following the completion of the transaction, the insider owned 165,344 shares in the company, valued at approximately $14,634,597.44. The trade was a 22.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders have sold 50,140 shares of company stock worth $4,425,461.

Hedge Funds Weigh In On Millicom International Cellular

Several institutional investors and hedge funds have recently made changes to their positions in TIGO. Assetmark Inc. boosted its stake in Millicom International Cellular by 31.1% in the 4th quarter. Assetmark Inc. now owns 85,059 shares of the technology company’s stock worth $4,716,000 after purchasing an additional 20,194 shares during the period. Crossmark Global Holdings Inc. raised its holdings in shares of Millicom International Cellular by 4.1% in the 4th quarter. Crossmark Global Holdings Inc. now owns 413,983 shares of the technology company’s stock valued at $22,951,000 after purchasing an additional 16,126 shares during the period. Amundi increased its holdings in shares of Millicom International Cellular by 120.8% in the first quarter. Amundi now owns 529,936 shares of the technology company’s stock valued at $39,713,000 after purchasing an additional 289,913 shares during the last quarter. Vestcor Inc grew its position in shares of Millicom International Cellular by 31.9% in the fourth quarter. Vestcor Inc now owns 107,009 shares of the technology company’s stock valued at $5,933,000 after purchasing an additional 25,880 shares during the last quarter. Finally, Lee Danner & Bass Inc. bought a new stake in shares of Millicom International Cellular in the first quarter valued at about $18,210,000.

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.