Comp En De Mn Cemig ADS (NYSE:CIG) Sees Significant Growth in Short Interest

Key Points

• Short interest rose 48% to 3.5 million shares as of July 31, representing approximately 0.1% of CIG’s outstanding shares and a short-interest ratio of 0.7 days.
• Several institutional investors increased their positions, including Renaissance Technologies, which added 8.2% and held approximately 8.0 million shares.
• CIG shares fell 0.3% to $1.92, near the bottom of their 52-week range, while Weiss Ratings downgraded the stock from “buy” to “hold”; the overall analyst consensus is also “Hold.”

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) saw a large growth in short interest during the month of July. As of July 31st, there was short interest totaling 3,502,794 shares, a growth of 48.0% from the July 15th total of 2,366,935 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average daily volume of 5,037,068 shares, the short-interest ratio is currently 0.7 days.

Institutional Investors Weigh In On Comp En De Mn Cemig ADS

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIG. Public Employees Retirement System of Ohio bought a new position in Comp En De Mn Cemig ADS during the second quarter worth about $797,000. EverSource Wealth Advisors LLC raised its position in shares of Comp En De Mn Cemig ADS by 25.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 32,511 shares of the utilities provider's stock valued at $78,000 after acquiring an additional 6,588 shares during the period. Renaissance Technologies LLC raised its position in shares of Comp En De Mn Cemig ADS by 8.2% in the 1st quarter. Renaissance Technologies LLC now owns 7,993,849 shares of the utilities provider's stock valued at $19,105,000 after acquiring an additional 608,101 shares during the period. Compound Planning Inc. boosted its stake in Comp En De Mn Cemig ADS by 25.3% during the 1st quarter. Compound Planning Inc. now owns 72,565 shares of the utilities provider's stock worth $173,000 after acquiring an additional 14,646 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in Comp En De Mn Cemig ADS by 17.6% during the first quarter. Sei Investments Co. now owns 243,535 shares of the utilities provider's stock valued at $582,000 after purchasing an additional 36,514 shares during the period.

Comp En De Mn Cemig ADS Trading Down 0.3%

NYSE CIG traded down $0.01 during trading hours on Tuesday, hitting $1.92. The company's stock had a trading volume of 4,675,338 shares, compared to its average volume of 6,087,383. Comp En De Mn Cemig ADS has a twelve month low of $1.88 and a twelve month high of $2.76. The firm has a market capitalization of $5.48 billion, a P/E ratio of 10.08 and a beta of 0.78. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.59. The stock has a fifty day moving average of $2.10 and a 200 day moving average of $2.25.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded Comp En De Mn Cemig ADS from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, Comp En De Mn Cemig ADS has an average rating of "Hold".

Comp En De Mn Cemig ADS Company Profile

Companhia Energética de Minas Gerais SA (Cemig ADS) is a leading Brazilian energy company primarily engaged in the generation, transmission, distribution and commercialization of electric power. Headquartered in Belo Horizonte, the company operates as a vertically integrated utility, serving residential, commercial and industrial customers across its concession areas. In addition to its core electricity business, Cemig maintains interests in natural gas distribution and distinct energy-related ventures, including renewable sources and infrastructure projects.

In its generation segment, Cemig manages a diversified portfolio that includes hydroelectric, photovoltaic and wind power plants.

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