Comp En De Mn Cemig ADS (NYSE:CIG) Shares Gap Up - What's Next?

Key Points

• Cemig ADS shares jumped 10.5%, opening at $2.38 versus a prior close of $2.15 and last trading near $2.4050 on volume of about 2 million shares.
• Weiss Ratings downgraded the stock from “buy (b-)” to “hold (c+),” while the broader analyst consensus remains Hold.
• Institutional interest was mixed but included new positions from Nykredit, Advisors Preferred and the Ohio public employees’ retirement system, while Renaissance Technologies and HSBC increased their holdings.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) gapped up prior to trading on Monday. The stock had previously closed at $2.15, but opened at $2.38. Comp En De Mn Cemig ADS shares last traded at $2.4050, with a volume of 2,004,735 shares.

Analyst Ratings Changes

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

Comp En De Mn Cemig ADS Stock Up 10.5%

The firm has a 50-day simple moving average of $2.08 and a 200 day simple 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 company has a market capitalization of $6.80 billion, a PE ratio of 12.55 and a beta of 0.76.

Institutional Investors Weigh In On Comp En De Mn Cemig ADS

A number of large investors have recently added to or reduced their stakes in the company. Nykredit A S acquired a new position in shares of Comp En De Mn Cemig ADS in the second quarter worth about $844,000. Advisors Preferred LLC purchased a new stake in Comp En De Mn Cemig ADS during the 1st quarter worth approximately $708,000. 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 purchasing an additional 608,101 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Comp En De Mn Cemig ADS during the 2nd quarter valued at approximately $797,000. Finally, Hsbc Holdings PLC grew its position in shares of Comp En De Mn Cemig ADS by 29.8% during the fourth quarter. Hsbc Holdings PLC now owns 1,173,835 shares of the utilities provider's stock worth $2,348,000 after buying an additional 269,191 shares in the last quarter.

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 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.