Millicom International Cellular (NASDAQ:TIGO) Hits New 52-Week High – What’s Next?

Millicom International Cellular SA (NASDAQ:TIGO)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $96.05 and last traded at $95.4510, with a volume of 262809 shares trading hands. The stock had previously closed at $94.08.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TIGO. Scotiabank increased their price target on Millicom International Cellular from $51.20 to $52.40 and gave the stock a “sector underperform” rating in a report on Wednesday, May 27th. Zacks Research upgraded shares of Millicom International Cellular from a “strong sell” rating to a “hold” rating in a report on Monday, April 6th. Wall Street Zen cut shares of Millicom International Cellular from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. UBS Group lowered shares of Millicom International Cellular from a “buy” rating to a “neutral” rating and set a $90.00 target price for the company. in a research note on Tuesday, May 26th. Finally, JPMorgan Chase & Co. boosted 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 note on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.28.

Millicom International Cellular Price Performance

The company has a debt-to-equity ratio of 2.33, a current ratio of 0.62 and a quick ratio of 0.60. The firm has a market capitalization of $16.09 billion, a price-to-earnings ratio of 12.94 and a beta of 0.92. The stock has a 50 day moving average price of $86.28 and a two-hundred day moving average price of $74.19.

Millicom International Cellular (NASDAQ:TIGO) last posted its earnings results on Tuesday, May 12th. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.08. Millicom International Cellular had a return on equity of 16.38% and a net margin of 19.16%.The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. As a group, analysts expect that Millicom International Cellular SA will post 1.78 EPS for the current year.

Insider Activity

In other news, insider Salvador Escalon sold 49,288 shares of the 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 sale, the insider owned 165,344 shares of the company’s stock, valued at approximately $14,634,597.44. This represents a 22.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 50,140 shares of company stock worth $4,425,461 over the last 90 days. 0.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Millicom International Cellular

Several large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its position in Millicom International Cellular by 48.1% in the 1st quarter. Royal Bank of Canada now owns 46,183 shares of the technology company’s stock valued at $1,398,000 after buying an additional 14,990 shares during the period. AQR Capital Management LLC increased its position in shares of Millicom International Cellular by 5.0% during the first quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company’s stock worth $290,000 after acquiring an additional 453 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Millicom International Cellular in the first quarter valued at $2,188,000. Goldman Sachs Group Inc. purchased a new position in Millicom International Cellular in the first quarter valued at $50,664,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in Millicom International Cellular in the first quarter valued at $8,504,000.

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.