Companhia Energetica de Minas Gers CEMIG (CIG) Shares Gap Down to $2.47

Companhia Energetica de Minas Gers CEMIG (NYSE:CIG) shares gapped down prior to trading on Wednesday . The stock had previously closed at $2.53, but opened at $2.47. Companhia Energetica de Minas Gers CEMIG shares last traded at $2.43, with a volume of 2317180 shares traded.

Several brokerages recently weighed in on CIG. JPMorgan Chase lowered Companhia Energetica de Minas Gers CEMIG from an “overweight” rating to a “neutral” rating in a research report on Wednesday. UBS upgraded Companhia Energetica de Minas Gers CEMIG from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 1st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Companhia Energetica de Minas Gers CEMIG currently has a consensus rating of “Hold” and a consensus price target of $2.80.

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The stock has a market capitalization of $3,058.99, a P/E ratio of 30.63 and a beta of 1.81. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.64 and a quick ratio of 0.63.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIG. JPMorgan Chase & Co. boosted its position in shares of Companhia Energetica de Minas Gers CEMIG by 809.8% during the third quarter. JPMorgan Chase & Co. now owns 4,633,526 shares of the utilities provider’s stock worth $11,491,000 after buying an additional 4,124,242 shares during the period. BlackRock Inc. boosted its position in shares of Companhia Energetica de Minas Gers CEMIG by 23.5% during the fourth quarter. BlackRock Inc. now owns 10,131,225 shares of the utilities provider’s stock worth $20,871,000 after buying an additional 1,928,189 shares during the period. Jane Street Group LLC purchased a new position in shares of Companhia Energetica de Minas Gers CEMIG during the fourth quarter worth $1,768,000. Two Sigma Investments LP boosted its position in shares of Companhia Energetica de Minas Gers CEMIG by 136.2% during the fourth quarter. Two Sigma Investments LP now owns 1,025,891 shares of the utilities provider’s stock worth $2,113,000 after buying an additional 591,510 shares during the period. Finally, Creative Planning boosted its position in shares of Companhia Energetica de Minas Gers CEMIG by 2,169.8% during the fourth quarter. Creative Planning now owns 400,233 shares of the utilities provider’s stock worth $824,000 after buying an additional 382,600 shares during the period. Institutional investors and hedge funds own 2.18% of the company’s stock.

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Companhia Energetica de Minas Gers CEMIG Company Profile

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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