Companhia Energetica de Minas Gerais S.A. (NYSE:CIG)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $2.99 and last traded at $2.97, with a volume of 2,901,411 shares. The stock had previously closed at $2.80.

Separately, Zacks Investment Research upgraded Companhia Energetica de Minas Gerais from a “sell” rating to a “hold” rating and set a $3.25 target price for the company in a report on Monday, August 1st.

The stock has a market capitalization of $3.64 billion and a PE ratio of 11.75. The stock has a 50-day moving average price of $2.39 and a 200-day moving average price of $1.89.

A hedge fund recently raised its stake in Companhia Energetica de Minas Gerais stock. Schroder Investment Management Group boosted 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 firm 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 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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