Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) shares rose 5.5% on Monday . The stock traded as high as $2.69 and last traded at $2.68, with a volume of 2,699,488 shares traded. The stock had previously closed at $2.54.

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

The company has a 50 day moving average of $1.90 and a 200-day moving average of $1.75. The company has a market capitalization of $3.40 billion and a price-to-earnings ratio of 10.98.

Other hedge funds and institutional investors recently modified their holdings of the company. Schroder Investment Management Group increased 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 during the period. TSP Capital Management Group LLC increased 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 during the period. Finally, Oxford Asset Management increased 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 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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