Companhia de Saneamento Basico do Estado de Sao Paulo (NYSE:SBS) shares dropped 2.8% during trading on Thursday . The stock traded as low as $8.43 and last traded at $8.45, with a volume of 2,435,691 shares. The stock had previously closed at $8.69.

Separately, Zacks Investment Research upgraded Companhia de Saneamento Basico do Estado de Sao Paulo from a “hold” rating to a “buy” rating and set a $9.25 target price for the company in a research note on Tuesday, June 21st.

The firm has a market capitalization of $6.09 billion and a P/E ratio of 23.76. The company has a 50-day moving average of $8.05 and a 200 day moving average of $6.50.

A number of hedge funds and institutional investors have recently bought and sold shares of SBS. Russell Frank Co increased its position in Companhia de Saneamento Basico do Estado de Sao Paulo by 2.2% in the fourth quarter. Russell Frank Co now owns 3,278,825 shares of the company’s stock worth $15,315,000 after buying an additional 69,754 shares during the period. Oxford Asset Management increased its position in Companhia de Saneamento Basico do Estado de Sao Paulo by 17.5% in the fourth quarter. Oxford Asset Management now owns 907,374 shares of the company’s stock worth $4,237,000 after buying an additional 134,974 shares during the period. First Trust Advisors LP increased its position in Companhia de Saneamento Basico do Estado de Sao Paulo by 4.7% in the fourth quarter. First Trust Advisors LP now owns 890,458 shares of the company’s stock worth $4,096,000 after buying an additional 39,882 shares during the period. Alpine Woods Capital Investors LLC increased its position in Companhia de Saneamento Basico do Estado de Sao Paulo by 23.4% in the fourth quarter. Alpine Woods Capital Investors LLC now owns 341,900 shares of the company’s stock worth $1,573,000 after buying an additional 64,800 shares during the period. Finally, Bank of Montreal Can increased its position in Companhia de Saneamento Basico do Estado de Sao Paulo by 8.7% in the fourth quarter. Bank of Montreal Can now owns 219,981 shares of the company’s stock worth $1,012,000 after buying an additional 17,610 shares during the period.

Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP is a mixed capital company. The Company is engaged in the provision of basic and environmental sanitation services in the State of Sao Paulo, as well as it supplies treated water and sewage services on a wholesale basis. The Company operates two segments: water supply and sewage services.

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