Millicom International Cellular (NASDAQ:TIGO) Sees Large Volume Increase After Dividend Announcement

Millicom International Cellular S.A. (NASDAQ:TIGO) shares saw unusually-high trading volume on Tuesday following a dividend announcement from the company. Approximately 235,249 shares traded hands during 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. Stockholders of record on Tuesday, April 8th will be issued a dividend of $0.75 per share. This represents a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, April 8th. Millicom International Cellular’s dividend payout ratio (DPR) is presently 202.70%.

Wall Street Analyst Weigh In

Several analysts have commented on TIGO shares. HSBC upgraded shares of 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. Morgan Stanley initiated coverage on shares of Millicom International Cellular in a research report on Wednesday, January 29th. They issued an “equal weight” rating and a $32.00 price objective on the stock. JPMorgan Chase & Co. lowered their target price on Millicom International Cellular from $36.00 to $33.00 and set an “overweight” rating for the company 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 report on Wednesday, January 22nd. Finally, Scotiabank upped their price objective on Millicom International Cellular from $37.30 to $37.90 and gave the stock a “sector outperform” rating in a research report on Friday, February 28th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $33.98.

Millicom International Cellular Stock Down 0.7 %

The firm’s 50-day simple moving average is $28.10 and its 200 day simple moving average is $26.89. 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 stock has a market capitalization of $5.17 billion, a P/E ratio of 31.97 and a beta of 1.23.

Institutional Investors Weigh In On Millicom International Cellular

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

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.