Comp En De Mn Cemig ADS (NYSE:CIG) Lowered to Sell at BidaskClub

Comp En De Mn Cemig ADS (NYSE:CIG) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Tuesday, August 1st.

CIG has been the topic of several other research reports. J P Morgan Chase & Co lowered Comp En De Mn Cemig ADS from an “overweight” rating to a “neutral” rating in a report on Wednesday, April 26th. Goldman Sachs Group, Inc. (The) upgraded Comp En De Mn Cemig ADS from a “sell” rating to a “neutral” rating and raised their target price for the stock from $2.10 to $2.80 in a research report on Friday, July 14th. Finally, Morgan Stanley upgraded Comp En De Mn Cemig ADS from an “underweight” rating to an “overweight” rating in a research report on Thursday, June 22nd. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $2.80.

Comp En De Mn Cemig ADS (CIG) traded up 0.79% on Tuesday, hitting $2.54. 2,509,217 shares of the stock were exchanged. The company has a market cap of $3.19 billion, a PE ratio of 17.64 and a beta of 1.89. The company’s 50-day moving average is $2.66 and its 200-day moving average is $2.82. Comp En De Mn Cemig ADS has a 52 week low of $2.06 and a 52 week high of $3.84.

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Hedge funds have recently added to or reduced their stakes in the company. Highbridge Capital Management LLC raised its stake in Comp En De Mn Cemig ADS by 101.3% in the fourth quarter. Highbridge Capital Management LLC now owns 610,288 shares of the utilities provider’s stock valued at $1,391,000 after buying an additional 307,092 shares during the last quarter. Creative Planning increased its position in Comp En De Mn Cemig ADS by 13,252.0% in the first quarter. Creative Planning now owns 87,322 shares of the utilities provider’s stock valued at $287,000 after buying an additional 86,668 shares during the last quarter. Bank of Montreal Can increased its position in Comp En De Mn Cemig ADS by 5,865.3% in the first quarter. Bank of Montreal Can now owns 557,274 shares of the utilities provider’s stock valued at $1,833,000 after buying an additional 547,932 shares during the last quarter. Capstone Asset Management Co. increased its position in Comp En De Mn Cemig ADS by 0.8% in the first quarter. Capstone Asset Management Co. now owns 75,697 shares of the utilities provider’s stock valued at $249,000 after buying an additional 590 shares during the last quarter. Finally, Profund Advisors LLC bought a new stake in shares of Comp En De Mn Cemig ADS during the first quarter worth about $432,000. Institutional investors and hedge funds own 3.20% of the company’s stock.

About Comp En De Mn Cemig ADS

Companhia Energetica de Minas Gerais-CEMIG is a holding company that is engaged in the generation, transmission and distribution of electricity. The Company’s segments include Generation, Transmission, Distribution, Telecom, Gas and Other. The Company, through its interests in subsidiaries or jointly controlled entities, is engaged in the activities of the construction and operation of systems for sale of electricity, as well as various fields of energy and telecommunications, for the purpose of commercial operation.

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