Millicom International Cellular (NASDAQ:TIGO) Shares Gap Up – Here’s Why

Millicom International Cellular S.A. (NASDAQ:TIGO)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $24.61, but opened at $26.94. Millicom International Cellular shares last traded at $27.45, with a volume of 221,787 shares changing hands.

Analyst Ratings Changes

Separately, Scotiabank raised Millicom International Cellular from a “sector perform” rating to a “sector outperform” rating and upped their target price for the company from $30.00 to $37.30 in a report on Friday, September 20th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.66.

Millicom International Cellular Price Performance

The company has a 50-day moving average of $25.34 and a two-hundred day moving average of $25.90. The stock has a market capitalization of $2.79 billion, a PE ratio of 29.15 and a beta of 1.17. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.66 and a quick ratio of 0.64.

Millicom International Cellular (NASDAQ:TIGO) last released its quarterly earnings data on Thursday, November 7th. The technology company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.38). The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Millicom International Cellular had a return on equity of 4.43% and a net margin of 2.70%. The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.03) earnings per share. Sell-side analysts predict that Millicom International Cellular S.A. will post 1.98 EPS for the current fiscal year.

Millicom International Cellular Cuts Dividend

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

Institutional Investors Weigh In On Millicom International Cellular

A number of large investors have recently modified their holdings of TIGO. Blue Trust Inc. grew its stake in Millicom International Cellular by 159.7% during the 3rd quarter. Blue Trust Inc. now owns 2,223 shares of the technology company’s stock valued at $60,000 after purchasing an additional 1,367 shares in the last quarter. National Bank of Canada FI acquired a new stake in Millicom International Cellular during the 3rd quarter valued at approximately $76,000. Point72 Asset Management L.P. acquired a new stake in Millicom International Cellular during the 3rd quarter valued at approximately $87,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Millicom International Cellular during the 3rd quarter valued at approximately $168,000. Finally, AQR Capital Management LLC acquired a new stake in Millicom International Cellular during the 2nd quarter valued at approximately $215,000.

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.