Short Interest in Comp En De Mn Cemig ADS (NYSE:CIG) Increases By 303.9%

Key Points

• The short interest for Comp En De Mn Cemig ADS (NYSE:CIG) surged by 303.9% in July, reaching a total of 5.21 million shares by the end of the month.
• CIG's current stock price is $1.95, with a market capitalization of $5.58 billion and a price-to-earnings ratio of 4.20.
• Several institutional investors have increased their holdings in CIG, with American Century Companies Inc. boosting its stake by 29.1% during the second quarter.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) was the target of a significant growth in short interest during the month of July. As of July 31st, there was short interest totaling 5,210,000 shares, agrowthof303.9% from the July 15th total of 1,290,000 shares. Based on an average trading volume of 2,880,000 shares, the short-interest ratio is currently 1.8 days. Currently,0.2% of the company's stock are sold short. Currently,0.2% of the company's stock are sold short. Based on an average trading volume of 2,880,000 shares, the short-interest ratio is currently 1.8 days.

Comp En De Mn Cemig ADS Stock Performance

Shares of Comp En De Mn Cemig ADS stock traded up $0.0650 during midday trading on Wednesday, hitting $1.9550. The company had a trading volume of 2,105,329 shares, compared to its average volume of 2,375,915. The company has a fifty day simple moving average of $1.91 and a 200 day simple moving average of $1.87. The stock has a market cap of $5.59 billion, a price-to-earnings ratio of 4.25 and a beta of 1.03. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.46. Comp En De Mn Cemig ADS has a 12-month low of $1.59 and a 12-month high of $2.19.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) last released its earnings results on Thursday, August 14th. The utilities provider reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.03. Comp En De Mn Cemig ADS had a net margin of 15.68% and a return on equity of 16.35%. The company had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $9.19 billion. As a group, analysts predict that Comp En De Mn Cemig ADS will post 0.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Comp En De Mn Cemig ADS

Large investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. raised its stake in Comp En De Mn Cemig ADS by 2,157.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,331,902 shares of the utilities provider's stock worth $4,571,000 after acquiring an additional 2,228,591 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Comp En De Mn Cemig ADS by 29.1% in the second quarter. American Century Companies Inc. now owns 3,769,024 shares of the utilities provider's stock valued at $7,387,000 after purchasing an additional 850,358 shares during the period. Corient Private Wealth LLC increased its holdings in shares of Comp En De Mn Cemig ADS by 158.4% in the second quarter. Corient Private Wealth LLC now owns 590,870 shares of the utilities provider's stock valued at $1,158,000 after purchasing an additional 362,171 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Comp En De Mn Cemig ADS by 382.4% in the second quarter. Quadrant Capital Group LLC now owns 453,184 shares of the utilities provider's stock worth $889,000 after purchasing an additional 359,232 shares during the last quarter. Finally, Atria Investments Inc acquired a new stake in shares of Comp En De Mn Cemig ADS during the second quarter worth about $394,000.

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.