Comp En De Mn Cemig ADS (NYSE:CIG) Stock Rating Raised to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Cemig ADS (NYSE:CIG) to “Hold,” while Weiss Ratings separately raised its rating to “Buy.” MarketBeat reports a consensus “Buy” rating based on one analyst rating.
• CIG shares opened at $2.31, up 1.1%, with a $6.63 billion market capitalization, a P/E ratio of 12.18, and a 12-month trading range of $1.87 to $2.76.
• Several institutional investors increased their holdings during the first quarter, including Renaissance Technologies, HSBC Holdings, Dimensional Fund Advisors, and Everstar Asset Management.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) was upgraded by Wall Street Zen to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings raised Comp En De Mn Cemig ADS from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, October 6th. One investment analyst has rated the stock with a Buy rating. Based on data from MarketBeat.com, Comp En De Mn Cemig ADS currently has a consensus rating of "Buy".

Comp En De Mn Cemig ADS Trading Up 1.1%

Shares of CIG opened at $2.31 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $6.63 billion, a P/E ratio of 12.18 and a beta of 0.76. The stock's fifty day simple moving average is $2.12 and its 200 day simple moving average is $2.22. Comp En De Mn Cemig ADS has a twelve month low of $1.87 and a twelve month high of $2.76.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. TSP Capital Management Group LLC lifted its position in Comp En De Mn Cemig ADS by 0.8% during the first quarter. TSP Capital Management Group LLC now owns 9,123,551 shares of the utilities provider's stock valued at $21,805,000 after buying an additional 70,659 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Comp En De Mn Cemig ADS by 8.2% in the first quarter. Renaissance Technologies LLC now owns 7,993,849 shares of the utilities provider's stock worth $19,105,000 after acquiring an additional 608,101 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of Comp En De Mn Cemig ADS by 15.7% in the first quarter. Hsbc Holdings PLC now owns 1,357,797 shares of the utilities provider's stock worth $3,245,000 after acquiring an additional 183,962 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Comp En De Mn Cemig ADS by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,087,768 shares of the utilities provider's stock valued at $2,600,000 after acquiring an additional 8,805 shares during the period. Finally, Everstar Asset Management LLC raised its stake in shares of Comp En De Mn Cemig ADS by 1.5% in the 1st quarter. Everstar Asset Management LLC now owns 558,548 shares of the utilities provider's stock valued at $1,335,000 after acquiring an additional 8,272 shares during the period.

Comp En De Mn Cemig ADS Company Profile

Companhia Energética de Minas Gerais SA, commonly known as Cemig, is a Brazilian electric utility headquartered in Belo Horizonte, Minas Gerais. Founded in 1952, the company operates across the electricity value chain, with activities that include power generation, transmission, distribution and energy sales.

Cemig serves customers in Minas Gerais and participates in energy activities elsewhere in Brazil through its operating subsidiaries and investments. Its generation portfolio includes hydroelectric facilities and other renewable energy assets, while its distribution business delivers electricity to residential, commercial and industrial customers.

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