Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) shares traded down 5.1% during trading on Monday . The company traded as low as $2.55 and last traded at $2.59, with a volume of 4,871,548 shares. The stock had previously closed at $2.73.

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

The firm has a market capitalization of $3.31 billion and a P/E ratio of 10.65. The firm has a 50 day moving average price of $2.06 and a 200-day moving average price of $1.79.

A hedge fund recently raised its stake in Companhia Energetica de Minas Gerais stock. TSP Capital Management Group LLC raised its position in Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) by 32.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (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 approximately 1.4% of TSP Capital Management Group LLC’s holdings, making the stock its 23rd largest position. TSP Capital Management Group LLC owned about 0.14% of Companhia Energetica de Minas Gerais worth $2,680,000 at the end of the most recent 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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