Comp En De Mn Cemig ADS (NYSE:CIG) Stock Jumps 4.1% on Strong Earnings

Key Points

• CEMIG shares rose 4.1% after the Brazilian utility reported quarterly EPS of $0.07, beating the $0.05 consensus estimate.
• Analyst views remain cautious: recent ratings included holds, and MarketBeat reported an average rating of “Hold.”
• Several institutional investors increased or initiated positions, including Russell Investments Group, which expanded its stake by 358.6% in the third quarter.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) shares shot up 4.1% on Friday following a stronger than expected earnings report. The company traded as high as $1.91 and last traded at $1.9150. Approximately 653,136 shares were traded during trading, a decline of 89% from the average session volume of 5,813,466 shares. The stock had previously closed at $1.84.

The utilities provider reported $0.07 EPS for the quarter, beating the consensus estimate of $0.05 by $0.02. Comp En De Mn Cemig ADS had a return on equity of 16.89% and a net margin of 10.44%.

Wall Street Analyst Weigh In

CIG has been the subject of a number of recent analyst reports. Zacks Research initiated coverage on Comp En De Mn Cemig ADS in a report on Monday, November 2nd. They set a "hold" rating for the company. Weiss Ratings cut Comp En De Mn Cemig ADS from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, October 26th. Finally, Wall Street Zen upgraded Comp En De Mn Cemig ADS to a "hold" rating in a research note on Saturday, October 17th. Two research analysts have rated the stock with a Hold rating. According to MarketBeat.com, the company currently has an average rating of "Hold".

Institutional Investors Weigh In On Comp En De Mn Cemig ADS

Several large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. lifted its stake in shares of Comp En De Mn Cemig ADS by 358.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,322,530 shares of the utilities provider's stock valued at $4,877,000 after purchasing an additional 1,816,062 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Comp En De Mn Cemig ADS by 8.2% during the 1st quarter. Renaissance Technologies LLC now owns 7,993,849 shares of the utilities provider's stock worth $19,105,000 after buying an additional 608,101 shares in the last quarter. Nykredit A S bought a new stake in shares of Comp En De Mn Cemig ADS in the 2nd quarter valued at about $844,000. Public Employees Retirement System of Ohio bought a new position in shares of Comp En De Mn Cemig ADS in the 2nd quarter worth $797,000. Finally, Hsbc Holdings PLC boosted its holdings in shares of 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 valued at $3,245,000 after buying an additional 183,962 shares in the last quarter.

Comp En De Mn Cemig ADS Stock Performance

The firm has a fifty day simple moving average of $2.12 and a two-hundred day simple moving average of $2.20. The firm has a market cap of $5.48 billion, a price-to-earnings ratio of 10.08 and a beta of 0.86. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.93 and a quick ratio of 0.93.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais S.A. (CEMIG) is a Brazilian electric utility headquartered in Belo Horizonte, in the state of Minas Gerais. Founded in 1952, the company is controlled by the state government of Minas Gerais. CEMIG generates, transmits and distributes electricity, with a power portfolio that includes hydroelectric and renewable energy facilities. It also participates in electricity trading and provides natural gas distribution services in Minas Gerais through its business interests in Gasmig.

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