Short Interest in Comp En De Mn Cemig ADS (NYSE:CIG) Declines By 66.5%

Key Points

• Short interest in Comp En De Mn Cemig ADS decreased by 66.5% in September, bringing the total to 1,870,000 shares from 5,590,000 shares at the end of August.
• Several institutional investors significantly increased their stakes, with Envestnet Asset Management Inc. raising its position by 2,157.2% during the second quarter.
• The company reported $0.08 earnings per share in its last quarterly earnings announcement, surpassing analysts' expectations of $0.05.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) saw a significant decline in short interest in the month of September. As of September 15th, there was short interest totaling 1,870,000 shares, a decline of 66.5% from the August 31st total of 5,590,000 shares. Based on an average daily volume of 2,370,000 shares, the short-interest ratio is presently 0.8 days. Based on an average daily volume of 2,370,000 shares, the short-interest ratio is presently 0.8 days.

Institutional Investors Weigh In On Comp En De Mn Cemig ADS

Several institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its position in Comp En De Mn Cemig ADS by 29.1% during the 2nd quarter. American Century Companies Inc. now owns 3,769,024 shares of the utilities provider's stock valued at $7,387,000 after buying an additional 850,358 shares during the period. Envestnet Asset Management Inc. boosted its position 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 period. Arrowstreet Capital Limited Partnership boosted its position in Comp En De Mn Cemig ADS by 3.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,251,276 shares of the utilities provider's stock valued at $4,413,000 after buying an additional 81,679 shares during the period. Hsbc Holdings PLC boosted its position in Comp En De Mn Cemig ADS by 19.5% during the 2nd quarter. Hsbc Holdings PLC now owns 843,882 shares of the utilities provider's stock valued at $1,654,000 after buying an additional 137,938 shares during the period. Finally, Guggenheim Capital LLC boosted its position in Comp En De Mn Cemig ADS by 24.6% during the 2nd quarter. Guggenheim Capital LLC now owns 608,450 shares of the utilities provider's stock valued at $1,193,000 after buying an additional 120,147 shares during the period.

Comp En De Mn Cemig ADS Price Performance

Shares of NYSE:CIG traded up $0.02 during trading on Friday, reaching $2.05. The company had a trading volume of 2,118,087 shares, compared to its average volume of 2,201,321. Comp En De Mn Cemig ADS has a 12 month low of $1.59 and a 12 month high of $2.15. The stock has a market capitalization of $5.85 billion, a P/E ratio of 4.45 and a beta of 1.11. The company has a fifty day moving average of $1.99 and a two-hundred day moving average of $1.89. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.03. Comp En De Mn Cemig ADS had a net margin of 15.68% and a return on equity of 16.30%. The company had revenue of $1.83 billion during the quarter, compared to analysts' expectations of $9.19 billion. Equities research analysts forecast that Comp En De Mn Cemig ADS will post 0.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "buy (b-)" rating on shares of Comp En De Mn Cemig ADS in a research report on Saturday, September 27th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently 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.

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