Comp En De Mn Cemig ADS (NYSE:CIG) Stock Rated Hold in New Coverage at Zacks Research

Key Points

• Zacks Research initiated coverage of Cemig ADS with a Hold rating. Other recent analyst ratings are also Hold, leaving the stock with a consensus Hold rating.
• CIG shares opened at $1.78, down 1.9%, near their 52-week low of $1.77. The stock’s 50-day and 200-day moving averages were $2.14 and $2.21, respectively.
• Several institutional investors adjusted or initiated holdings in the third quarter, including Abundance Wealth Counselors, which increased its position by 27%.

Analysts at Zacks Research started coverage on shares of Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) in a research report issued on Monday, Zacks reports. The firm set a "hold" rating on the utilities provider's stock.

CIG has been the subject of several other research reports. Weiss Ratings downgraded shares of Comp En De Mn Cemig ADS from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, October 26th. Wall Street Zen raised shares of Comp En De Mn Cemig ADS to a "hold" rating in a research report on Saturday, October 17th. Two investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the company currently has a consensus rating of "Hold".

Comp En De Mn Cemig ADS Trading Down 1.9%

Shares of Comp En De Mn Cemig ADS stock opened at $1.78 on Monday. Comp En De Mn Cemig ADS has a 52-week low of $1.77 and a 52-week high of $2.76. The stock's 50-day simple moving average is $2.14 and its 200 day simple moving average is $2.21. The stock has a market capitalization of $5.11 billion, a P/E ratio of 9.39 and a beta of 0.86. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 0.93.

Institutional Trading of Comp En De Mn Cemig ADS

Large investors have recently modified their holdings of the business. rebel Financial LLC raised its stake in Comp En De Mn Cemig ADS by 53.0% in the third quarter. rebel Financial LLC now owns 20,675 shares of the utilities provider's stock worth $43,000 after buying an additional 7,162 shares in the last quarter. StoneX Group Inc. purchased a new stake in Comp En De Mn Cemig ADS in the third quarter worth about $67,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Comp En De Mn Cemig ADS during the 3rd quarter valued at approximately $63,000. Vise Technologies Inc. boosted its position in Comp En De Mn Cemig ADS by 107.2% during the 3rd quarter. Vise Technologies Inc. now owns 45,433 shares of the utilities provider's stock valued at $95,000 after acquiring an additional 23,511 shares in the last quarter. Finally, Abundance Wealth Counselors boosted its position in Comp En De Mn Cemig ADS by 27.0% during the 3rd quarter. Abundance Wealth Counselors now owns 561,437 shares of the utilities provider's stock valued at $1,179,000 after acquiring an additional 119,505 shares in the last quarter.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais SA, commonly known as Cemig, is a Brazilian electric utility headquartered in Minas Gerais. The company operates across the power sector, with activities that include electricity generation, transmission, distribution and commercialization.

Cemig supplies electricity to customers throughout Minas Gerais and manages a portfolio of power-generation assets, including hydroelectric facilities. Through affiliated businesses, the company has also participated in natural gas distribution and other energy-related activities.

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