Comp En De Mn Cemig ADS (NYSE:CIG) Shares Break Above Two Hundred Day Moving Average - Here's Why

Key Points

• Cemig ADS shares broke above their 200-day moving average, reaching $2.42 and last trading near $2.415 on volume of roughly 1.53 million shares.
• Weiss Ratings upgraded the stock from “hold (C+)” to “buy (B-),” while the sole analyst covering the shares also rates them Buy, giving Cemig a consensus Buy rating.
• Several institutional investors increased their positions, including Allspring Global Investments, which raised its stake by 61.6%, and EverSource Wealth Advisors, which increased holdings by 25.4%.

Shares of Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $2.22 and traded as high as $2.42. Comp En De Mn Cemig ADS shares last traded at $2.4150, with a volume of 1,526,862 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of 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 equities research analyst has rated the stock with a Buy rating. According to data from MarketBeat.com, Comp En De Mn Cemig ADS currently has a consensus rating of "Buy".

Comp En De Mn Cemig ADS Trading Up 0.6%

The firm has a market capitalization of $6.91 billion, a price-to-earnings ratio of 12.71 and a beta of 0.76. 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 firm's 50-day simple moving average is $2.11 and its 200 day simple moving average is $2.22.

Hedge Funds Weigh In On Comp En De Mn Cemig ADS

Hedge funds and other institutional investors have recently modified their holdings of the business. DGS Capital Management LLC raised its position in Comp En De Mn Cemig ADS by 8.9% during the 1st quarter. DGS Capital Management LLC now owns 51,523 shares of the utilities provider's stock worth $123,000 after purchasing an additional 4,196 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Comp En De Mn Cemig ADS by 8.1% in the 1st quarter. Sequoia Financial Advisors LLC now owns 61,280 shares of the utilities provider's stock valued at $146,000 after buying an additional 4,612 shares during the last quarter. Corient Private Wealth LLC grew its position in shares of Comp En De Mn Cemig ADS by 0.8% in the 4th quarter. Corient Private Wealth LLC now owns 594,303 shares of the utilities provider's stock valued at $1,190,000 after buying an additional 4,800 shares during the last quarter. EverSource Wealth Advisors LLC grew 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 buying an additional 6,588 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Comp En De Mn Cemig ADS by 61.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 17,445 shares of the utilities provider's stock valued at $43,000 after buying an additional 6,652 shares during the period.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais SA, commonly known as Cemig, is a Brazilian electric utility headquartered in Belo Horizonte, Minas Gerais. Founded in 1952, the company operates across the electricity value chain, with activities that include power generation, transmission, distribution and energy sales.

Cemig serves customers in Minas Gerais and participates in energy activities elsewhere in Brazil through its operating subsidiaries and investments. Its generation portfolio includes hydroelectric facilities and other renewable energy assets, while its distribution business delivers electricity to residential, commercial and industrial customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.