Comp En De Mn Cemig ADS (NYSE:CIG) Hits New 1-Year High - Should You Buy?

Key Points

• Comp En De Mn Cemig ADS (NYSE:CIG) shares have reached a new 52-week high of $2.13, marking a rise of 3.1% during trading on Tuesday.
• The company reported earnings of $0.08 per share, beating analysts' estimates of $0.05, and had a revenue of $1.83 billion, which fell short of expectations.
• Several institutional investors significantly increased their stakes in Comp En De Mn Cemig ADS during the second quarter, notably with Corient Private Wealth LLC raising its position by 158.4%.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $2.13 and last traded at $2.13, with a volume of 651778 shares. The stock had previously closed at $2.07.

Comp En De Mn Cemig ADS Stock Up 3.1%

The firm has a 50-day moving average of $1.95 and a 200 day moving average of $1.88. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of 4.64 and a beta of 1.12. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) last announced its earnings results on Thursday, August 14th. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.03. Comp En De Mn Cemig ADS had a return on equity of 16.30% and a net margin of 15.68%.The company had revenue of $1.83 billion for the quarter, compared to analyst estimates of $9.19 billion. On average, sell-side analysts anticipate that Comp En De Mn Cemig ADS will post 0.44 earnings per share for the current year.

Institutional Investors Weigh In On Comp En De Mn Cemig ADS

Several institutional investors and hedge funds have recently made changes to their positions in the company. Corient Private Wealth LLC raised its position in shares of Comp En De Mn Cemig ADS by 158.4% during the 2nd quarter. Corient Private Wealth LLC now owns 590,870 shares of the utilities provider's stock valued at $1,158,000 after acquiring an additional 362,171 shares in the last quarter. Modern Wealth Management LLC acquired a new stake in Comp En De Mn Cemig ADS in the second quarter worth $92,000. BNP Paribas Financial Markets increased its position in Comp En De Mn Cemig ADS by 289.9% in the second quarter. BNP Paribas Financial Markets now owns 159,985 shares of the utilities provider's stock worth $314,000 after buying an additional 118,951 shares during the period. The Manufacturers Life Insurance Company increased its position in Comp En De Mn Cemig ADS by 100.2% in the second quarter. The Manufacturers Life Insurance Company now owns 149,810 shares of the utilities provider's stock worth $294,000 after buying an additional 74,987 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new stake in Comp En De Mn Cemig ADS in the second quarter worth $130,000.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Brazil. The company generates electricity through renewable energy sources, such as water, wind, sun, and biomass; or non-renewable sources, including fossil and nuclear fuels.

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