Millicom International Cellular (NASDAQ:TIGO) Trading Down 2.7% on Analyst Downgrade

Shares of Millicom International Cellular SA (NASDAQ:TIGO) dropped 2.7% during mid-day trading on Thursday after UBS Group downgraded the stock from a buy rating to a neutral rating. UBS Group now has a $49.00 price target on the stock, up from their previous price target of $39.50. Millicom International Cellular traded as low as $46.90 and last traded at $46.68. Approximately 44,211 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 942,642 shares. The stock had previously closed at $47.97.

A number of other equities research analysts also recently issued reports on TIGO. Scotiabank increased their target price on shares of Millicom International Cellular from $37.00 to $46.10 and gave the stock a “sector perform” rating in a research report on Tuesday, August 19th. Zacks Research upgraded shares of Millicom International Cellular from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 15th. JPMorgan Chase & Co. increased their target price on shares of Millicom International Cellular from $50.00 to $55.00 and gave the stock an “overweight” rating in a research report on Thursday, August 14th. Finally, Wall Street Zen upgraded shares of Millicom International Cellular from a “buy” rating to a “strong-buy” rating in a report on Monday, August 25th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $42.02.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Segall Bryant & Hamill LLC grew its stake in Millicom International Cellular by 0.3% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 97,577 shares of the technology company’s stock valued at $3,656,000 after buying an additional 300 shares during the last quarter. AQR Capital Management LLC grew its stake in Millicom International Cellular by 5.0% in the 1st quarter. AQR Capital Management LLC now owns 9,587 shares of the technology company’s stock valued at $290,000 after buying an additional 453 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Millicom International Cellular by 55.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,413 shares of the technology company’s stock valued at $53,000 after buying an additional 502 shares during the last quarter. Cerity Partners LLC grew its stake in Millicom International Cellular by 4.7% in the 1st quarter. Cerity Partners LLC now owns 11,208 shares of the technology company’s stock valued at $339,000 after buying an additional 508 shares during the last quarter. Finally, BTG Pactual Asset Management US LLC grew its stake in Millicom International Cellular by 1.0% in the 2nd quarter. BTG Pactual Asset Management US LLC now owns 63,416 shares of the technology company’s stock valued at $2,376,000 after buying an additional 609 shares during the last quarter.

Millicom International Cellular Stock Down 1.7%

The business’s 50 day moving average is $43.07 and its 200-day moving average is $36.40. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.87 and a current ratio of 0.89. The firm has a market capitalization of $8.12 billion, a price-to-earnings ratio of 8.32 and a beta of 1.09.

Millicom International Cellular (NASDAQ:TIGO) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.03). Millicom International Cellular had a return on equity of 10.32% and a net margin of 16.97%.The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.40 billion. Equities analysts anticipate that Millicom International Cellular SA will post 1.91 EPS for the current fiscal year.

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.