Millicom International Cellular (NASDAQ:TIGO) Lifted to “Sector Outperform” at Scotiabank

Scotiabank upgraded shares of Millicom International Cellular (NASDAQ:TIGO) from a sector perform rating to a sector outperform rating in a research note released on Friday, MarketBeat reports. They currently have $37.30 price target on the technology company’s stock, up from their previous price target of $30.00.

Several other brokerages have also recently commented on TIGO. UBS Group upgraded Millicom International Cellular from a neutral rating to a buy rating and boosted their price target for the stock from $25.00 to $33.00 in a research report on Thursday, August 15th. HSBC cut shares of Millicom International Cellular from a buy rating to a hold rating in a research report on Tuesday, July 2nd. JPMorgan Chase & Co. initiated coverage on shares of Millicom International Cellular in a research note on Friday, September 6th. They set an overweight rating and a $35.00 price objective for the company. Finally, Hsbc Global Res lowered shares of Millicom International Cellular from a strong-buy rating to a hold rating in a research note on Tuesday, July 2nd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $30.66.

Millicom International Cellular Stock Performance

TIGO opened at $27.84 on Friday. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 556.80 and a beta of 1.23. The firm’s fifty day simple moving average is $25.80 and its two-hundred day simple moving average is $23.30. The company has a quick ratio of 0.64, a current ratio of 0.66 and a debt-to-equity ratio of 1.72. Millicom International Cellular has a 52-week low of $14.46 and a 52-week high of $27.84.

Millicom International Cellular (NASDAQ:TIGO) last posted its quarterly earnings data on Friday, August 2nd. The technology company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.05). Millicom International Cellular had a return on equity of 2.91% and a net margin of 1.83%. The firm had revenue of $1.46 billion during the quarter. During the same quarter last year, the firm posted ($0.13) EPS. Equities analysts anticipate that Millicom International Cellular will post 2.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TIGO. Silver Lake Advisory LLC purchased a new position in Millicom International Cellular during the second quarter worth about $260,000. Millennium Management LLC increased its holdings in shares of Millicom International Cellular by 138.9% during the 2nd quarter. Millennium Management LLC now owns 270,373 shares of the technology company’s stock worth $6,638,000 after buying an additional 157,205 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of Millicom International Cellular during the 2nd quarter valued at approximately $215,000. Cubist Systematic Strategies LLC acquired a new position in Millicom International Cellular in the second quarter valued at approximately $884,000. Finally, Vanguard Personalized Indexing Management LLC grew its position in Millicom International Cellular by 11.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 19,441 shares of the technology company’s stock worth $477,000 after acquiring an additional 1,964 shares during the period.

About Millicom International Cellular

Millicom International Cellular SA provides cable and mobile services in Latin America. It offers mobile services, including mobile data and voice, and short message services; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance.