Comp En De Mn Cemig ADS (NYSE:CIG) Share Price Breaks Above Two Hundred Day Moving Average – What’s Next?

Comp En De Mn Cemig ADS (NYSE:CIG) passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $2.22 and traded as high as $2.42. Comp En De Mn Cemig ADS shares last traded at $2.4150, with a volume of 1,526,862 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Comp En De Mn Cemig ADS from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, October 6th. One research analyst has rated the stock with a Buy rating. Based on data from MarketBeat, the stock presently has an average rating of “Buy”.

Comp En De Mn Cemig ADS Stock Down 0.2%

The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The firm’s 50 day simple moving average is $2.11 and its two-hundred day simple moving average is $2.22. The firm has a market cap of $6.68 billion, a price-to-earnings ratio of 12.29 and a beta of 0.76.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. TSP Capital Management Group LLC lifted its position in shares of Comp En De Mn Cemig ADS by 0.8% during the 1st quarter. TSP Capital Management Group LLC now owns 9,123,551 shares of the utilities provider’s stock valued at $21,805,000 after acquiring an additional 70,659 shares during the period. Renaissance Technologies LLC grew its holdings 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 purchasing an additional 608,101 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of Comp En De Mn Cemig ADS by 15.7% in the first quarter. Hsbc Holdings PLC now owns 1,357,797 shares of the utilities provider’s stock worth $3,245,000 after purchasing an additional 183,962 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Comp En De Mn Cemig ADS by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,087,768 shares of the utilities provider’s stock worth $2,600,000 after purchasing an additional 8,805 shares during the period. Finally, Corient Private Wealth LLC increased its position in shares of Comp En De Mn Cemig ADS by 0.8% in the fourth quarter. Corient Private Wealth LLC now owns 594,303 shares of the utilities provider’s stock worth $1,190,000 after purchasing an additional 4,800 shares during the period.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais SA, commonly known as Cemig, is a Brazilian electric utility headquartered in Belo Horizonte, Minas Gerais. Founded in 1952, the company operates across the electricity value chain, with activities that include power generation, transmission, distribution and energy sales.

Cemig serves customers in Minas Gerais and participates in energy activities elsewhere in Brazil through its operating subsidiaries and investments. Its generation portfolio includes hydroelectric facilities and other renewable energy assets, while its distribution business delivers electricity to residential, commercial and industrial customers.