Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) shot up 5.5% during trading on Monday . The company 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 Wednesday, June 15th.

The company has a market capitalization of $3.33 billion and a price-to-earnings ratio of 10.77. The company has a 50 day moving average price of $1.96 and a 200-day moving average price of $1.77.

A hedge fund recently raised its stake in Companhia Energetica de Minas Gerais stock. TSP Capital Management Group LLC raised its stake in Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) by 32.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,786,886 shares of the company’s stock after buying an additional 438,376 shares during the period. Companhia Energetica de Minas Gerais makes up about 1.4% of TSP Capital Management Group LLC’s holdings, making the stock its 23rd largest position. TSP Capital Management Group LLC owned 0.14% of Companhia Energetica de Minas Gerais worth $2,680,000 at the end of the most recent reporting 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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