Millicom International Cellular (NASDAQ:TIGO) Sees Strong Trading Volume After Dividend Announcement

Millicom International Cellular S.A. (NASDAQ:TIGO) saw strong trading volume on Tuesday after the company announced a dividend. 235,249 shares changed hands during mid-day trading, a decline of 8% from the previous session’s volume of 254,921 shares.The stock last traded at $30.37 and had previously closed at $30.27.

The newly announced dividend which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 8th will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Tuesday, April 8th. This represents a dividend yield of 3.9%. Millicom International Cellular’s payout ratio is 202.70%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TIGO. Hsbc Global Res upgraded shares of Millicom International Cellular from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. Morgan Stanley began coverage on shares of Millicom International Cellular in a research report on Wednesday, January 29th. They set an “equal weight” rating and a $32.00 price objective for the company. HSBC raised Millicom International Cellular from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Wednesday, January 22nd. Scotiabank lifted their price target on Millicom International Cellular from $37.30 to $37.90 and gave the stock a “sector outperform” rating in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. dropped their price objective 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. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $33.98.

Millicom International Cellular Stock Down 1.7 %

The firm’s 50 day simple moving average is $28.13 and its 200-day simple moving average is $26.91. The company has a market cap of $5.08 billion, a price-to-earnings ratio of 31.42 and a beta of 1.23. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.66 and a quick ratio of 0.64.

Institutional Trading of Millicom International Cellular

Institutional investors and hedge funds have recently made changes to their positions in the company. State of Wyoming purchased a new position in Millicom International Cellular during the 4th quarter worth approximately $49,000. National Bank of Canada FI purchased a new position in shares of Millicom International Cellular during the third quarter worth approximately $76,000. Point72 Asset Management L.P. purchased a new position in shares of Millicom International Cellular during the third quarter worth approximately $87,000. Blue Trust Inc. increased its holdings in shares of Millicom International Cellular by 69.5% in the 4th quarter. Blue Trust Inc. now owns 3,767 shares of the technology company’s stock valued at $102,000 after acquiring an additional 1,544 shares during the period. Finally, Wells Fargo & Company MN raised its holdings in shares of Millicom International Cellular by 72.4% in the fourth quarter. Wells Fargo & Company MN now owns 4,892 shares of the technology company’s stock valued at $122,000 after buying an additional 2,055 shares during the last quarter.

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.