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

Comp En De Mn Cemig ADS (NYSE:CIG) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $2.44 and last traded at $2.4150, with a volume of 566127 shares. The stock had previously closed at $2.39.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Comp En De Mn Cemig ADS from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, March 24th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy”.

Comp En De Mn Cemig ADS Trading Up 1.0%

The stock’s fifty day simple moving average is $2.25 and its two-hundred day simple moving average is $2.12. The firm has a market cap of $6.91 billion, a PE ratio of 12.08 and a beta of 0.91. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.44.

Comp En De Mn Cemig ADS (NYSE:CIG) last released its earnings results on Tuesday, January 20th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter. Comp En De Mn Cemig ADS had a net margin of 9.45% and a return on equity of 14.96%. On average, sell-side analysts forecast 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

Several hedge funds have recently added to or reduced their stakes in CIG. JPMorgan Chase & Co. grew its stake in shares of Comp En De Mn Cemig ADS by 4.3% in the second quarter. JPMorgan Chase & Co. now owns 348,762 shares of the utilities provider’s stock worth $684,000 after acquiring an additional 14,430 shares during the last quarter. American Century Companies Inc. boosted its stake 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. Hsbc Holdings PLC boosted its stake in Comp En De Mn Cemig ADS by 19.5% in the 2nd quarter. Hsbc Holdings PLC now owns 843,882 shares of the utilities provider’s stock worth $1,654,000 after purchasing an additional 137,938 shares in the last quarter. Arrowstreet Capital Limited Partnership grew 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 purchasing an additional 81,679 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Comp En De Mn Cemig ADS by 224.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 23,648 shares of the utilities provider’s stock valued at $46,000 after purchasing an additional 16,354 shares during the last quarter.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais SA (Cemig ADS) is a leading Brazilian energy company primarily engaged in the generation, transmission, distribution and commercialization of electric power. Headquartered in Belo Horizonte, the company operates as a vertically integrated utility, serving residential, commercial and industrial customers across its concession areas. In addition to its core electricity business, Cemig maintains interests in natural gas distribution and distinct energy-related ventures, including renewable sources and infrastructure projects.

In its generation segment, Cemig manages a diversified portfolio that includes hydroelectric, photovoltaic and wind power plants.