Comp En De Mn Cemig ADS (NYSE:CIG) Hits New 52-Week Low - What's Next?

Key Points

• Cemig ADS shares fell to a new 52-week low, trading as low as $1.87 and last changing hands near $1.845, compared with a prior close of $2.30.
• Despite the price decline, analyst sentiment remains positive: Wall Street Zen upgraded the stock to “hold,” Weiss Ratings raised it to “buy,” and the consensus rating is “Buy.”
• Several institutional investors increased their positions in Cemig, including Renaissance Technologies, HSBC Holdings and TSP Capital Management. The company has a $5.25 billion market capitalization and operates across Brazil’s electricity generation, transmission and distribution sectors.

Shares of Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) hit a new 52-week low during mid-day trading on Monday. The company traded as low as $1.87 and last traded at $1.8450, with a volume of 571,399 shares traded. The stock had previously closed at $2.30.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of Comp En De Mn Cemig ADS to a "hold" rating in a report on Saturday, October 17th. Weiss Ratings raised Comp En De Mn Cemig ADS from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, October 6th. One investment analyst has rated the stock with a Buy rating. According to data from MarketBeat, the stock currently has a consensus rating of "Buy".

Comp En De Mn Cemig ADS Stock Performance

The company has a fifty day moving average of $2.15 and a two-hundred day moving average of $2.21. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $5.25 billion, a P/E ratio of 9.75 and a beta of 0.76.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CIG. TSP Capital Management Group LLC grew its stake in shares of Comp En De Mn Cemig ADS by 0.8% in the 1st quarter. TSP Capital Management Group LLC now owns 9,123,551 shares of the utilities provider's stock valued at $21,805,000 after purchasing an additional 70,659 shares during the period. Renaissance Technologies LLC grew its holdings 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 in the last quarter. Hsbc Holdings PLC increased its position in shares of Comp En De Mn Cemig ADS by 15.7% during the 1st quarter. Hsbc Holdings PLC now owns 1,357,797 shares of the utilities provider's stock worth $3,245,000 after purchasing an additional 183,962 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in 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 purchasing an additional 8,805 shares during the last quarter. Finally, Corient Private Wealth LLC increased its holdings in shares of Comp En De Mn Cemig ADS by 0.8% in the fourth quarter. Corient Private Wealth LLC now owns 594,303 shares of the utilities provider's stock valued at $1,190,000 after purchasing an additional 4,800 shares during the last quarter.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais SA, commonly known as Cemig, is a Brazilian electric utility headquartered in Minas Gerais. The company operates across the power sector, with activities that include electricity generation, transmission, distribution and commercialization.

Cemig supplies electricity to customers throughout Minas Gerais and manages a portfolio of power-generation assets, including hydroelectric facilities. Through affiliated businesses, the company has also participated in natural gas distribution and other energy-related activities.

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