Companhia Energetica de Minas Gerais S.A. (NYSE:CIG)’s share price dropped 3.9% during trading on Wednesday . The stock traded as low as $2.43 and last traded at $2.46, with a volume of 2,886,177 shares changing hands. The stock had previously closed at $2.56.

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 has a market cap of $3.08 billion and a PE ratio of 10.25. The company’s 50-day moving average is $1.80 and its 200 day moving average is $1.73.

A number of hedge funds recently added to or reduced their stakes in CIG. Oxford Asset Management raised its stake in 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 valued at $1,498,000 after buying an additional 304,859 shares in the last quarter. TSP Capital Management Group LLC raised its stake in 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 valued at $2,680,000 after buying an additional 438,376 shares in the last quarter. Finally, Schroder Investment Management Group raised its stake in 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 valued at $17,074,000 after buying an additional 5,791,800 shares in the last quarter.

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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