Millicom International Cellular (NASDAQ:TIGO) Shares Gap Down – Here’s What Happened

Millicom International Cellular S.A. (NASDAQ:TIGO)’s share price gapped down before the market opened on Friday . The stock had previously closed at $25.13, but opened at $24.06. Millicom International Cellular shares last traded at $24.03, with a volume of 17,219 shares trading hands.

Analysts Set New Price Targets

Separately, Scotiabank upgraded Millicom International Cellular from a “sector perform” rating to a “sector outperform” rating and raised their price target for the company from $30.00 to $37.30 in a report on Friday, September 20th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.66.

Millicom International Cellular Price Performance

The company has a quick ratio of 0.64, a current ratio of 0.66 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $2.49 billion, a PE ratio of 26.04 and a beta of 1.17. The stock’s 50 day moving average price is $25.74 and its 200-day moving average price is $25.81.

Millicom International Cellular (NASDAQ:TIGO) last issued its earnings results on Thursday, November 7th. The technology company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.38). Millicom International Cellular had a return on equity of 4.43% and a net margin of 2.70%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the prior year, the company posted ($0.03) earnings per share. Millicom International Cellular’s quarterly revenue was up .5% compared to the same quarter last year. As a group, equities analysts forecast that Millicom International Cellular S.A. will post 1.98 EPS for the current year.

Millicom International Cellular Cuts Dividend

The company also recently declared a dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, January 3rd will be given a dividend of $1.00 per share. The ex-dividend date is Friday, January 3rd. Millicom International Cellular’s payout ratio is 280.85%.

Institutional Investors Weigh In On Millicom International Cellular

Institutional investors and hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. grew its position in Millicom International Cellular by 5.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 104,013 shares of the technology company’s stock worth $2,554,000 after purchasing an additional 5,624 shares during the period. Renaissance Technologies LLC lifted its position in Millicom International Cellular by 35.4% during the second quarter. Renaissance Technologies LLC now owns 320,747 shares of the technology company’s stock worth $7,874,000 after buying an additional 83,939 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Millicom International Cellular by 11.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 19,441 shares of the technology company’s stock valued at $477,000 after purchasing an additional 1,964 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in shares of Millicom International Cellular in the 2nd quarter valued at approximately $884,000. Finally, AQR Capital Management LLC purchased a new stake in Millicom International Cellular in the second quarter valued at $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.