Comp En De Mn Cemig ADS (NYSE:CIG) Issues Earnings Results

Key Points

• Comp En De Mn Cemig ADS reported earnings of $0.08 per share, surpassing analysts' expectations by $0.03, and achieved a net margin of 17.46%.
• The company's revenue for the quarter was $1.83 billion, significantly lower than the consensus estimate of $9.19 billion.
• Institutional investors, including Arrowstreet Capital and BNP Paribas Financial Markets, have increased their holdings in Comp En De Mn Cemig ADS, indicating growing confidence in the company.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) released its earnings results on Thursday. The utilities provider reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.03, Zacks reports. Comp En De Mn Cemig ADS had a net margin of 17.46% and a return on equity of 15.91%. The company had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $9.19 billion.

Comp En De Mn Cemig ADS Stock Performance

Shares of Comp En De Mn Cemig ADS stock remained flat at $1.95 during midday trading on Friday. 3,230,894 shares of the stock were exchanged, compared to its average volume of 2,303,276. The stock has a market capitalization of $5.58 billion, a P/E ratio of 4.20 and a beta of 1.03. The firm has a 50 day moving average of $1.90 and a 200 day moving average of $1.87. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.06 and a current ratio of 1.06. Comp En De Mn Cemig ADS has a fifty-two week low of $1.59 and a fifty-two week high of $2.19.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership grew its position in Comp En De Mn Cemig ADS by 3.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,251,276 shares of the utilities provider's stock worth $4,413,000 after purchasing an additional 81,679 shares during the last quarter. Corient Private Wealth LLC grew its position in Comp En De Mn Cemig ADS by 158.4% in the 2nd quarter. Corient Private Wealth LLC now owns 590,870 shares of the utilities provider's stock worth $1,158,000 after purchasing an additional 362,171 shares during the last quarter. JPMorgan Chase & Co. grew its position in Comp En De Mn Cemig ADS by 4.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 348,762 shares of the utilities provider's stock worth $684,000 after purchasing an additional 14,430 shares during the last quarter. BNP Paribas Financial Markets grew its position in Comp En De Mn Cemig ADS by 289.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 159,985 shares of the utilities provider's stock worth $314,000 after purchasing an additional 118,951 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Comp En De Mn Cemig ADS by 100.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 149,810 shares of the utilities provider's stock worth $294,000 after purchasing an additional 74,987 shares during the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.