Companhia Energetica de Minas Gerais S.A. (NYSE:CIG)’s share price rose 5.7% on Wednesday . The stock traded as high as $2.81 and last traded at $2.80, with a volume of 3,006,762 shares changing hands. The stock had previously closed at $2.65.

Separately, Zacks Investment Research cut shares of Companhia Energetica de Minas Gerais from a “hold” rating to a “sell” rating in a research note on Friday, June 3rd.

The firm’s 50-day moving average is $2.31 and its 200-day moving average is $1.88. The stock has a market capitalization of $3.52 billion and a price-to-earnings ratio of 11.38.

A hedge fund recently raised its stake in Companhia Energetica de Minas Gerais stock. Schroder Investment Management Group raised its stake in shares of Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) by 103.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,383,104 shares of the company’s stock after buying an additional 5,791,800 shares during the period. Schroder Investment Management Group owned about 0.90% of Companhia Energetica de Minas Gerais worth $17,074,000 as of its most recent SEC filing.

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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