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

Separately, Zacks Investment Research cut Companhia Energetica de Minas Gerais from a “hold” rating to a “sell” rating in a research report on Wednesday, June 15th.

The company has a market cap of $3.18 billion and a PE ratio of 10.59. The firm’s 50-day moving average price is $1.87 and its 200-day moving average price is $1.74.

A number of hedge funds and institutional investors have made changes to their positions in CIG. Oxford Asset Management raised its position 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 valued at $1,498,000 after buying an additional 304,859 shares in the last quarter. TSP Capital Management Group LLC raised its position 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 valued at $2,680,000 after buying an additional 438,376 shares in the last quarter. Finally, Schroder Investment Management Group raised its position 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 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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