Comp En De Mn Cemig ADS (NYSE:CIG) Hits New 52-Week Low – Here’s Why

Shares of Comp En De Mn Cemig ADS (NYSE:CIG) hit a new 52-week low during trading on Tuesday. The company traded as low as $1.8085 and last traded at $1.8010, with a volume of 34,869 shares traded. The stock had previously closed at $1.82.

Analysts Set New Price Targets

A number of brokerages have recently commented on CIG. Weiss Ratings lowered shares of Comp En De Mn Cemig ADS from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, October 26th. Wall Street Zen upgraded Comp En De Mn Cemig ADS to a “hold” rating in a report on Saturday, October 17th. Finally, Zacks Research initiated coverage on Comp En De Mn Cemig ADS in a research note on Monday. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a Hold rating. According to MarketBeat, the company has an average rating of “Hold”.

Comp En De Mn Cemig ADS Stock Performance

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 cap of $5.22 billion, a PE ratio of 9.61 and a beta of 0.86. The business has a fifty day simple moving average of $2.14 and a two-hundred day simple moving average of $2.21.

Institutional Investors Weigh In On Comp En De Mn Cemig ADS

A number of hedge funds have recently made changes to their positions in CIG. Renaissance Technologies LLC lifted its holdings in Comp En De Mn Cemig ADS by 8.2% in the first quarter. Renaissance Technologies LLC now owns 7,993,849 shares of the utilities provider’s stock valued at $19,105,000 after acquiring an additional 608,101 shares during the period. Nykredit A S purchased a new stake in Comp En De Mn Cemig ADS in the 2nd quarter worth approximately $844,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Comp En De Mn Cemig ADS during the 2nd quarter worth approximately $797,000. Advisors Preferred LLC acquired a new stake in shares of Comp En De Mn Cemig ADS during the 1st quarter worth approximately $708,000. Finally, Hsbc Holdings PLC increased its holdings in shares of Comp En De Mn Cemig ADS by 29.8% during the 4th quarter. Hsbc Holdings PLC now owns 1,173,835 shares of the utilities provider’s stock valued at $2,348,000 after purchasing 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 Minas Gerais. The company operates across the power sector, with activities that include electricity generation, transmission, distribution and commercialization.

Cemig supplies electricity to customers throughout Minas Gerais and manages a portfolio of power-generation assets, including hydroelectric facilities. Through affiliated businesses, the company has also participated in natural gas distribution and other energy-related activities.