Millicom International Cellular (NASDAQ:TIGO) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Millicom International Cellular S.A. (NASDAQ:TIGO - Get Free Report) saw unusually-strong trading volume on Friday after Scotiabank raised their price target on the stock from $37.30 to $37.90. Scotiabank currently has a sector outperform rating on the stock. Approximately 355,698 shares were traded during trading, a decline of 2% from the previous session's volume of 362,134 shares.The stock last traded at $25.88 and had previously closed at $27.15.

Several other brokerages have also issued reports on TIGO. Morgan Stanley began coverage on shares of Millicom International Cellular in a report on Wednesday, January 29th. They set an "equal weight" rating and a $32.00 price objective on the stock. JPMorgan Chase & Co. cut their price target on Millicom International Cellular from $36.00 to $33.00 and set an "overweight" rating on the stock in a report on Thursday, January 16th. Hsbc Global Res upgraded Millicom International Cellular from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, January 22nd. Finally, HSBC upgraded Millicom International Cellular from a "hold" rating to a "buy" rating and set a $34.00 target price on the stock in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $33.98.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its stake in shares of Millicom International Cellular by 95.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 108,047 shares of the technology company's stock worth $2,930,000 after acquiring an additional 52,638 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Millicom International Cellular in the 3rd quarter worth approximately $168,000. Point72 Asset Management L.P. purchased a new stake in Millicom International Cellular during the 3rd quarter worth approximately $87,000. Quantinno Capital Management LP acquired a new position in Millicom International Cellular during the 3rd quarter valued at approximately $261,000. Finally, State Street Corp purchased a new position in shares of Millicom International Cellular in the third quarter worth $231,000.

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Millicom International Cellular Stock Up 0.5 %

The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of 27.71 and a beta of 1.18. 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 company's 50 day moving average price is $26.26 and its 200 day moving average price is $26.40.

Millicom International Cellular Announces Dividend

The company also recently disclosed an annual dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 8th will be paid a $0.75 dividend. This represents a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, April 8th. Millicom International Cellular's payout ratio is 202.70%.

Millicom International Cellular Company Profile

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.