Millicom International Cellular (NASDAQ:TIGO) Shares Down 9.2% – Here’s What Happened

Millicom International Cellular SA (NASDAQ:TIGO) shares fell 9.2% on Thursday. The company traded as low as $79.38 and last traded at $81.2150. 448,031 shares changed hands during trading, a decline of 67% from the average session volume of 1,352,749 shares. The stock had previously closed at $89.43.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TIGO. UBS Group upgraded Millicom International Cellular from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $100.00 to $109.00 in a research report on Tuesday. Scotiabank upped their price objective on Millicom International Cellular from $52.40 to $60.10 and gave the company a “sector underperform” rating in a research report on Friday, August 7th. Royal Bank Of Canada set a $105.00 price objective on Millicom International Cellular in a research note on Tuesday, August 18th. JPMorgan Chase & Co. lowered Millicom International Cellular from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $100.00 to $105.00 in a research note on Tuesday, August 18th. Finally, Zacks Research downgraded shares of Millicom International Cellular from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 4th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $87.18.

Millicom International Cellular Stock Down 8.5%

The firm’s 50 day moving average is $87.07 and its 200-day moving average is $83.71. The firm has a market cap of $13.83 billion, a PE ratio of 24.23 and a beta of 1.00. The company has a quick ratio of 0.51, a current ratio of 0.55 and a debt-to-equity ratio of 3.41.

Millicom International Cellular (NASDAQ:TIGO) last released its earnings results on Thursday, November 5th. The technology company reported $0.58 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.40). The firm had revenue of $2.28 billion during the quarter, compared to analysts’ expectations of $2.23 billion. Millicom International Cellular had a return on equity of 21.45% and a net margin of 7.02%. The firm’s revenue was up 60.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.17 earnings per share. As a group, equities research analysts expect that Millicom International Cellular SA will post 4.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Millicom International Cellular

A number of hedge funds and other institutional investors have recently made changes to their positions in TIGO. Versant Capital Management Inc increased its stake in Millicom International Cellular by 896.7% in 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. Mather Group LLC. purchased a new position in shares of Millicom International Cellular during the 3rd quarter worth about $35,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Millicom International Cellular during the 3rd quarter worth about $36,000. Altshuler Shaham Ltd lifted its holdings in shares of Millicom International Cellular by 36.7% during the 1st quarter. Altshuler Shaham Ltd now owns 633 shares of the technology company’s stock worth $47,000 after acquiring an additional 170 shares during the period. Finally, Allworth Financial LP boosted its position in shares of Millicom International Cellular by 32.4% in the second quarter. Allworth Financial LP now owns 650 shares of the technology company’s stock worth $59,000 after acquiring an additional 159 shares during the last quarter.

About Millicom International Cellular

Millicom International Cellular is a telecommunications company that serves consumers, households and businesses in Latin America under the Tigo brand. Its services include mobile voice and data, fixed broadband and pay television. The company also provides digital and enterprise services, including connectivity and related technology solutions for businesses. Its operations span multiple Latin American markets, with offerings tailored to local consumer and business needs. Founded in 1990, Millicom has developed from an international mobile operator into a provider of integrated telecommunications and digital services.