Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) shares fell 2% during mid-day trading on Tuesday . The stock traded as low as $2.95 and last traded at $2.98, with a volume of 2,617,470 shares. The stock had previously closed at $3.04.

Separately, Zacks Investment Research raised shares of Companhia Energetica de Minas Gerais from a “sell” rating to a “hold” rating and set a $3.25 target price on the stock in a research note on Monday, August 1st.

The firm has a 50-day moving average of $2.60 and a 200-day moving average of $1.99. The firm has a market cap of $3.72 billion and a PE ratio of 11.52.

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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