Millicom International Cellular (NASDAQ:TIGO) Rating Lowered to “Strong Sell” at Zacks Research

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

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

Millicom International Cellular Trading Up 2.5%

NASDAQ:TIGO opened at $98.16 on Monday. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 2.33. Millicom International Cellular has a 1-year low of $38.32 and a 1-year high of $100.08. The firm has a market capitalization of $16.59 billion, a price-to-earnings ratio of 13.34 and a beta of 0.92. The business’s 50-day moving average price is $87.33 and its two-hundred day moving average price is $75.38.

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, topping the consensus estimate of $0.89 by $0.08. The company had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. Millicom International Cellular had a return on equity of 16.38% and a net margin of 19.16%. On average, equities analysts expect that Millicom International Cellular will post 1.78 earnings per share for the current year.

Insider Buying and Selling at Millicom International Cellular

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 stock was sold at an average price of $88.51, for a total value of $4,362,480.88. Following the completion of the transaction, the insider directly owned 165,344 shares in the company, valued at approximately $14,634,597.44. The trade was a 22.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 50,140 shares of company stock worth $4,425,461.

Institutional Trading of Millicom International Cellular

Several hedge funds have recently bought and sold shares of TIGO. Royal Bank of Canada boosted its holdings in shares of Millicom International Cellular by 48.1% in the first quarter. Royal Bank of Canada now owns 46,183 shares of the technology company’s stock valued at $1,398,000 after buying an additional 14,990 shares during the period. AQR Capital Management LLC increased its position in shares of Millicom International Cellular by 5.0% during the first quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company’s stock worth $290,000 after acquiring an additional 453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Millicom International Cellular during the first quarter worth $2,188,000. Goldman Sachs Group Inc. acquired a new stake in shares of Millicom International Cellular during the first quarter worth $50,664,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in Millicom International Cellular in the 1st quarter valued at $8,504,000.

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.