JPMorgan Chase & Co. Issues Pessimistic Forecast for Millicom International Cellular (NASDAQ:TIGO) Stock Price

Millicom International Cellular (NASDAQ:TIGO) had its price objective lowered by investment analysts at JPMorgan Chase & Co. from $36.00 to $33.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 22.18% from the stock’s previous close.

Separately, Scotiabank upgraded shares of Millicom International Cellular from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the company from $30.00 to $37.30 in a research note on Friday, September 20th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.26.

Millicom International Cellular Price Performance

Millicom International Cellular stock opened at $27.01 on Thursday. Millicom International Cellular has a 12 month low of $15.55 and a 12 month high of $28.75. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.64 and a current ratio of 0.66. The company’s fifty day simple moving average is $25.35 and its 200-day simple moving average is $25.94.

Millicom International Cellular (NASDAQ:TIGO) last issued its earnings results on Thursday, November 7th. The technology company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.38). Millicom International Cellular had a net margin of 2.70% and a return on equity of 4.43%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the firm earned ($0.03) EPS. The business’s revenue for the quarter was up .5% compared to the same quarter last year. On average, sell-side analysts predict that Millicom International Cellular will post 1.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Millicom International Cellular

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