Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) dropped 3.6% during trading on Thursday . The company traded as low as $2.14 and last traded at $2.14, with a volume of 3,695,097 shares trading hands. The stock had previously closed at $2.22.

Separately, Zacks Investment Research lowered Companhia Energetica de Minas Gerais from a “hold” rating to a “sell” rating in a research report on Thursday, June 9th.

The stock’s 50-day moving average price is $1.74 and its 200 day moving average price is $1.71. The firm has a market cap of $2.92 billion and a P/E ratio of 9.55.

Other large investors have modified their holdings of the company. Schroder Investment Management Group increased its stake in shares of Companhia Energetica de Minas Gerais by 103.6% in the fourth quarter. Schroder Investment Management Group now owns 11,383,104 shares of the company’s stock worth $17,074,000 after buying an additional 5,791,800 shares during the period. TSP Capital Management Group LLC increased its stake in shares of Companhia Energetica de Minas Gerais by 32.5% in the fourth quarter. TSP Capital Management Group LLC now owns 1,786,886 shares of the company’s stock worth $2,680,000 after buying an additional 438,376 shares during the period. Finally, Oxford Asset Management increased its stake in shares of Companhia Energetica de Minas Gerais by 45.2% in the fourth quarter. Oxford Asset Management now owns 979,267 shares of the company’s stock worth $1,498,000 after buying an additional 304,859 shares during the period.

Companhia Energetica de Minas Gerais CEMIG is a Brazil-based holding company mainly engaged in the generation, transmission and distribution of electricity. The Company operates through the segments: Generation, Transmission, Distribution, Telecom, Gas and Other. The Company generates electricity at approximately 78 hydroelectric plants, three thermoelectric plants and 23 wind farms.

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