Comp En De Mn Cemig ADS (NYSE:CIG) Sets New 1-Year Low - Should You Sell?

Key Points

• Cemig ADS shares fell to a new 52-week low, trading as low as $1.8085 and last changing hands at $1.8010, down 1.4% from the prior close.
• Analyst sentiment is currently cautious: Weiss Ratings downgraded the stock to “hold,” while Wall Street Zen raised it to “hold.” The stock has an average rating of “Hold” from the tracked analysts.
• Despite the decline, several institutional investors increased their positions, including Renaissance Technologies, HSBC Holdings and Abundance Wealth Counselors. Cemig has a $5.14 billion market capitalization and a price-to-earnings ratio of 9.45.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report)'s share price hit a new 52-week low during trading on Tuesday. The stock traded as low as $1.8085 and last traded at $1.8010, with a volume of 34,869 shares changing hands. The stock had previously closed at $1.82.

Analysts Set New Price Targets

CIG has been the topic of a number of recent research reports. Weiss Ratings downgraded shares of Comp En De Mn Cemig ADS from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, October 26th. Wall Street Zen raised shares of Comp En De Mn Cemig ADS to a "hold" rating in a research report on Saturday, October 17th. One analyst has rated the stock with a Hold rating. According to data from MarketBeat.com, Comp En De Mn Cemig ADS currently has an average rating of "Hold".

Comp En De Mn Cemig ADS Trading Down 1.4%

The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $5.14 billion, a PE ratio of 9.45 and a beta of 0.76. The stock has a 50-day simple moving average of $2.14 and a two-hundred day simple moving average of $2.21.

Institutional Trading of Comp En De Mn Cemig ADS

A number of hedge funds have recently bought and sold shares of CIG. Renaissance Technologies LLC boosted its position in Comp En De Mn Cemig ADS by 8.2% in the first quarter. Renaissance Technologies LLC now owns 7,993,849 shares of the utilities provider's stock worth $19,105,000 after purchasing an additional 608,101 shares during the last quarter. Hsbc Holdings PLC raised its holdings in Comp En De Mn Cemig ADS by 15.7% in 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 period. Dimensional Fund Advisors LP lifted its position in Comp En De Mn Cemig ADS by 0.8% during the first 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 in the last quarter. Abundance Wealth Counselors lifted its position in Comp En De Mn Cemig ADS by 27.0% during the third quarter. Abundance Wealth Counselors now owns 561,437 shares of the utilities provider's stock valued at $1,179,000 after purchasing an additional 119,505 shares in the last quarter. Finally, Nykredit A S bought a new stake in Comp En De Mn Cemig ADS during the second quarter valued at about $844,000.

Comp En De Mn Cemig ADS Company Profile

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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