Short Interest in Comp En De Mn Cemig ADS (NYSE:CIG) Declines By 40.6%

Key Points

• Short interest in Comp En De Mn Cemig ADS (NYSE:CIG) decreased by 40.6% in September, with a total of 1,110,000 shares shorted.
• The company reported a net margin of 15.68% and exceeded earnings expectations for the last quarter by posting $0.08 earnings per share against a consensus estimate of $0.05.
• Analysts currently hold a consensus rating of “Hold” for Comp En De Mn Cemig ADS, with one buy, three hold, and one sell ratings.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) was the recipient of a large decline in short interest during the month of September. As of September 30th, there was short interest totaling 1,110,000 shares, a decline of 40.6% from the September 15th total of 1,870,000 shares. Based on an average daily trading volume, of 2,390,000 shares, the short-interest ratio is presently 0.5 days. Based on an average daily trading volume, of 2,390,000 shares, the short-interest ratio is presently 0.5 days.

Comp En De Mn Cemig ADS Price Performance

NYSE:CIG traded down $0.04 during mid-day trading on Tuesday, hitting $2.00. 620,511 shares of the stock traded hands, compared to its average volume of 2,873,717. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. Comp En De Mn Cemig ADS has a 12-month low of $1.59 and a 12-month high of $2.15. The company has a market cap of $5.71 billion, a PE ratio of 4.34 and a beta of 1.11. The business's 50-day moving average price is $2.01 and its 200 day moving average price is $1.91.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The utilities provider reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.05 by $0.03. The firm had revenue of $1.83 billion during the quarter, compared to analyst estimates of $9.19 billion. Comp En De Mn Cemig ADS had a net margin of 15.68% and a return on equity of 16.30%. On average, analysts expect that Comp En De Mn Cemig ADS will post 0.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Comp En De Mn Cemig ADS

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CIG. Envestnet Asset Management Inc. raised its holdings in Comp En De Mn Cemig ADS by 2,157.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,331,902 shares of the utilities provider's stock valued at $4,571,000 after buying an additional 2,228,591 shares during the last quarter. American Century Companies Inc. raised its holdings in Comp En De Mn Cemig ADS by 29.1% in the 2nd quarter. American Century Companies Inc. now owns 3,769,024 shares of the utilities provider's stock worth $7,387,000 after purchasing an additional 850,358 shares in the last quarter. Corient Private Wealth LLC grew its position in shares of Comp En De Mn Cemig ADS by 158.4% in the 2nd quarter. Corient Private Wealth LLC now owns 590,870 shares of the utilities provider's stock worth $1,158,000 after buying an additional 362,171 shares during the period. Quadrant Capital Group LLC grew its position in Comp En De Mn Cemig ADS by 382.4% during the 2nd quarter. Quadrant Capital Group LLC now owns 453,184 shares of the utilities provider's stock valued at $889,000 after purchasing an additional 359,232 shares during the last quarter. Finally, Atria Investments Inc purchased a new stake in shares of Comp En De Mn Cemig ADS during the 2nd quarter valued at about $394,000.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a "buy (b-)" rating on shares of Comp En De Mn Cemig ADS in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Comp En De Mn Cemig ADS presently has a consensus rating of "Hold".

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Brazil. The company generates electricity through renewable energy sources, such as water, wind, sun, and biomass; or non-renewable sources, including fossil and nuclear fuels.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.