Comp En De Mn Cemig ADS (NYSE:CIG) Sees Large Drop in Short Interest

Comp En De Mn Cemig ADS (NYSE:CIG) saw a large drop in short interest during the month of September. As of September 15th, there was short interest totaling 3,411,513 shares, a drop of 35.7% from the August 31st total of 5,306,741 shares. Based on an average daily trading volume, of 5,457,057 shares, the short-interest ratio is presently 0.6 days. Approximately 0.1% of the shares of the company are short sold.

Institutional Investors Weigh In On Comp En De Mn Cemig ADS

Institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its stake in shares of Comp En De Mn Cemig ADS by 8.2% during the 1st quarter. Renaissance Technologies LLC now owns 7,993,849 shares of the utilities provider’s stock valued at $19,105,000 after buying an additional 608,101 shares during the period. Nykredit A S acquired a new position in shares of Comp En De Mn Cemig ADS in the second quarter worth $844,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Comp En De Mn Cemig ADS during the second quarter worth $797,000. Advisors Preferred LLC purchased a new stake in shares of Comp En De Mn Cemig ADS during the first quarter worth $708,000. Finally, Hsbc Holdings PLC boosted its position in Comp En De Mn Cemig ADS by 29.8% during the fourth quarter. Hsbc Holdings PLC now owns 1,173,835 shares of the utilities provider’s stock valued at $2,348,000 after purchasing an additional 269,191 shares during the last quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of Comp En De Mn Cemig ADS from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, August 4th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of “Hold”.

Comp En De Mn Cemig ADS Trading Up 3.2%

NYSE:CIG opened at $2.12 on Thursday. Comp En De Mn Cemig ADS has a 1 year low of $1.87 and a 1 year high of $2.76. The business has a fifty day moving average of $2.08 and a 200-day moving average of $2.22. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $6.05 billion, a price-to-earnings ratio of 11.13 and a beta of 0.75.

Comp En De Mn Cemig ADS Company Profile

Companhia Energética de Minas Gerais SA, commonly known as Cemig, is a Brazilian electric utility headquartered in Belo Horizonte, Minas Gerais. Founded in 1952, the company operates across the electricity value chain, with activities that include power generation, transmission, distribution and energy sales.

Cemig serves customers in Minas Gerais and participates in energy activities elsewhere in Brazil through its operating subsidiaries and investments. Its generation portfolio includes hydroelectric facilities and other renewable energy assets, while its distribution business delivers electricity to residential, commercial and industrial customers.