Millicom International Cellular (NASDAQ:TIGO) Releases Earnings Results, Misses Estimates By $0.38 EPS

Millicom International Cellular (NASDAQ:TIGO) released its earnings results on Thursday. The technology company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.38), Briefing.com reports. Millicom International Cellular had a return on equity of 2.91% and a net margin of 1.83%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the business earned ($0.03) earnings per share. The business’s revenue was up .5% on a year-over-year basis.

Millicom International Cellular Price Performance

Shares of NASDAQ:TIGO traded up $0.60 during mid-day trading on Friday, reaching $27.01. The stock had a trading volume of 173,132 shares, compared to its average volume of 96,919. The firm has a 50 day simple moving average of $27.11 and a two-hundred day simple moving average of $25.14. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.64 and a current ratio of 0.66. Millicom International Cellular has a twelve month low of $15.55 and a twelve month high of $28.75.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. initiated coverage on shares of Millicom International Cellular in a research note on Friday, September 6th. They issued an “overweight” rating and a $35.00 price objective on the stock. Scotiabank raised shares of Millicom International Cellular from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the company from $30.00 to $37.30 in a research report on Friday, September 20th. Finally, UBS Group raised Millicom International Cellular from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $25.00 to $33.00 in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Millicom International Cellular presently has an average rating of “Moderate Buy” and an average target price of $30.66.

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.