Millicom International Cellular (NASDAQ:TIGO) Sees Strong Trading Volume on Analyst Upgrade

Millicom International Cellular S.A. (NASDAQ:TIGO) shares saw an uptick in trading volume on Friday after Scotiabank raised their price target on the stock from $37.30 to $37.90. Scotiabank currently has a sector outperform rating on the stock. 355,698 shares were traded during trading, a decline of 2% from the previous session’s volume of 362,134 shares.The stock last traded at $25.88 and had previously closed at $27.15.

Other research analysts have also recently issued research reports about the company. Morgan Stanley assumed coverage on Millicom International Cellular in a research note on Wednesday, January 29th. They set an “equal weight” rating and a $32.00 price objective on the stock. JPMorgan Chase & Co. reduced their price target on Millicom International Cellular from $36.00 to $33.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. HSBC upgraded Millicom International Cellular from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a report on Wednesday, January 22nd. Finally, Hsbc Global Res upgraded shares of Millicom International Cellular from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $33.98.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. State of Wyoming purchased a new stake in Millicom International Cellular during the 4th quarter worth approximately $49,000. Blue Trust Inc. increased its stake in shares of Millicom International Cellular by 159.7% in the third quarter. Blue Trust Inc. now owns 2,223 shares of the technology company’s stock worth $60,000 after buying an additional 1,367 shares during the last quarter. National Bank of Canada FI acquired a new stake in Millicom International Cellular in the third quarter valued at $76,000. Point72 Asset Management L.P. acquired a new stake in Millicom International Cellular in the third quarter valued at $87,000. Finally, Wells Fargo & Company MN boosted its stake in Millicom International Cellular by 72.4% during the 4th quarter. Wells Fargo & Company MN now owns 4,892 shares of the technology company’s stock valued at $122,000 after acquiring an additional 2,055 shares during the last quarter.

Millicom International Cellular Stock Performance

The company’s fifty day simple moving average is $26.23 and its two-hundred day simple moving average is $26.39. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 27.96 and a beta of 1.18. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.64 and a current ratio of 0.66.

Millicom International Cellular Cuts Dividend

The company also recently declared a dividend, which was paid on Friday, January 10th. Investors of record on Friday, January 3rd were paid a $1.00 dividend. The ex-dividend date was Friday, January 3rd. Millicom International Cellular’s dividend payout ratio (DPR) is 106.38%.

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.