Scotiabank Issues Positive Forecast for Millicom International Cellular (NASDAQ:TIGO) Stock Price

Millicom International Cellular (NASDAQ:TIGO) had its price objective increased by equities research analysts at Scotiabank from $52.40 to $60.10 in a report released on Friday,Benzinga reports. The brokerage currently has a “sector underperform” rating on the technology company’s stock. Scotiabank’s price target would indicate a potential downside of 38.13% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. UBS Group lifted their target price on shares of Millicom International Cellular from $90.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Wall Street Zen downgraded shares of Millicom International Cellular from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. JPMorgan Chase & Co. lifted their price target on shares of Millicom International Cellular from $86.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, May 20th. Weiss Ratings upgraded Millicom International Cellular from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, May 13th. Finally, Zacks Research lowered Millicom International Cellular from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $80.82.

Millicom International Cellular Stock Up 0.0%

Shares of NASDAQ TIGO opened at $97.14 on Friday. Millicom International Cellular has a 12-month low of $42.00 and a 12-month high of $107.13. The stock has a market cap of $16.42 billion, a PE ratio of 24.53 and a beta of 0.91. 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 company has a 50-day moving average of $92.15 and a 200 day moving average of $80.64.

Millicom International Cellular (NASDAQ:TIGO) last posted its quarterly earnings results on Tuesday, May 12th. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.89 by $0.08. Millicom International Cellular had a return on equity of 18.39% and a net margin of 9.19%.The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. As a group, sell-side analysts predict that Millicom International Cellular will post 1.78 EPS for the current fiscal year.

Insiders Place Their Bets

In other Millicom International Cellular news, insider Salvador Escalon sold 49,288 shares of Millicom International Cellular stock in a transaction dated 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 sale, the insider directly owned 165,344 shares in the company, valued at $14,634,597.44. This trade represents a 22.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 50,140 shares of company stock worth $4,425,461 over the last ninety days.

Hedge Funds Weigh In On Millicom International Cellular

Several large investors have recently made changes to their positions in TIGO. Commerzbank Aktiengesellschaft FI acquired a new stake in Millicom International Cellular in the 2nd quarter valued at approximately $1,569,000. Bank of New York Mellon Corp acquired a new position in Millicom International Cellular during the second quarter worth $45,791,000. Assenagon Asset Management S.A. acquired a new position in Millicom International Cellular during the second quarter worth $632,000. GK Wealth Management LLC purchased a new position in shares of Millicom International Cellular during the second quarter worth $316,000. Finally, GAMMA Investing LLC grew its stake in shares of Millicom International Cellular by 39.4% in the second quarter. GAMMA Investing LLC now owns 1,160 shares of the technology company’s stock valued at $105,000 after buying an additional 328 shares in the last quarter.

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.