Millicom International Cellular (NASDAQ:TIGO) Releases Quarterly Earnings Results, Misses Expectations By $0.21 EPS

Millicom International Cellular (NASDAQ:TIGO) posted its earnings results on Thursday. The technology company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.21), Zacks reports. Millicom International Cellular had a net margin of 16.97% and a return on equity of 10.32%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. The company’s quarterly revenue was down .8% compared to the same quarter last year.

Millicom International Cellular Stock Performance

TIGO traded down $0.28 during trading on Friday, reaching $47.48. 582,359 shares of the company were exchanged, compared to its average volume of 919,733. Millicom International Cellular has a 52 week low of $23.61 and a 52 week high of $50.78. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.59. The firm has a 50 day moving average of $47.73 and a 200 day moving average of $41.72. The stock has a market cap of $8.17 billion, a P/E ratio of 8.37 and a beta of 1.11.

Analyst Ratings Changes

Several equities research analysts recently issued reports on TIGO shares. JPMorgan Chase & Co. lifted their price target on shares of Millicom International Cellular from $50.00 to $55.00 and gave the stock an “overweight” rating in a research note on Thursday, August 14th. Wall Street Zen raised Millicom International Cellular from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 11th. Zacks Research downgraded Millicom International Cellular from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 8th. Scotiabank raised their price objective on Millicom International Cellular from $46.10 to $46.80 and gave the company a “sector perform” rating in a research note on Friday. Finally, UBS Group downgraded Millicom International Cellular from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $39.50 to $49.00 in a report on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.13.

Institutional Investors Weigh In On Millicom International Cellular

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Millicom International Cellular by 96.8% during the 3rd quarter. Vanguard Group Inc. now owns 352,344 shares of the technology company’s stock worth $17,103,000 after acquiring an additional 173,311 shares during the period. Osaic Holdings Inc. grew its position in Millicom International Cellular by 1,981.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,973 shares of the technology company’s stock valued at $216,000 after buying an additional 5,686 shares in the last quarter. Orion Porfolio Solutions LLC acquired a new position in Millicom International Cellular during the 2nd quarter valued at about $201,000. Thrivent Financial for Lutherans acquired a new position in Millicom International Cellular during the 2nd quarter valued at about $203,000. Finally, State of Wyoming lifted its stake in shares of Millicom International Cellular by 123.4% in the 2nd quarter. State of Wyoming now owns 4,655 shares of the technology company’s stock worth $174,000 after acquiring an additional 2,571 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.