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

Shares of Millicom International Cellular SA (NASDAQ:TIGO) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $100.47 and last traded at $100.46, with a volume of 130836 shares changing hands. The stock had previously closed at $98.61.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TIGO. Scotiabank increased their price objective on Millicom International Cellular from $51.20 to $52.40 and gave the stock a “sector underperform” rating in a research report on Wednesday, May 27th. JPMorgan Chase & Co. boosted their target price on Millicom International Cellular from $86.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, May 20th. UBS Group upped their price target on Millicom International Cellular from $90.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Zacks Research downgraded Millicom International Cellular from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Finally, Wall Street Zen downgraded Millicom International Cellular from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $79.28.

Millicom International Cellular Stock Up 1.0%

The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.33. The stock has a market capitalization of $16.83 billion, a PE ratio of 13.54 and a beta of 0.92. The firm’s fifty day moving average is $88.93 and its 200-day moving average is $76.86.

Millicom International Cellular (NASDAQ:TIGO) last announced its quarterly earnings data on Tuesday, May 12th. The technology company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Millicom International Cellular had a return on equity of 16.38% and a net margin of 19.16%.The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. On average, equities research analysts predict that Millicom International Cellular SA will post 1.78 earnings per share for the current year.

Insider Activity at Millicom International Cellular

In related news, insider Salvador Escalon sold 49,288 shares of Millicom International Cellular 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 sale, the insider directly owned 165,344 shares in the company, valued at $14,634,597.44. The trade was a 22.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 50,140 shares of company stock valued at $4,425,461.

Institutional Investors Weigh In On Millicom International Cellular

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. acquired a new position in shares of Millicom International Cellular during the 1st quarter worth $50,664,000. Northwestern Mutual Wealth Management Co. lifted 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 valued at $70,042,000 after purchasing an additional 1,260,666 shares during the period. Tredje AP fonden acquired a new stake in shares of Millicom International Cellular in the fourth quarter valued at about $60,459,000. State Street Corp boosted its holdings in Millicom International Cellular by 129.2% during the second quarter. State Street Corp now owns 1,820,070 shares of the technology company’s stock worth $68,198,000 after buying an additional 1,026,063 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new stake in Millicom International Cellular during the fourth quarter worth about $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.