Comp En De Mn Cemig ADS (NYSE:CIG) Sets New 1-Year Low – Should You Sell?

Comp En De Mn Cemig ADS (NYSE:CIG)’s share price hit a new 52-week low on Monday. The stock traded as low as $1.87 and last traded at $1.8450, with a volume of 571,399 shares. The stock had previously closed at $2.30.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Weiss Ratings upgraded Comp En De Mn Cemig ADS from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, October 6th. Wall Street Zen raised Comp En De Mn Cemig ADS to a “hold” rating in a research report on Saturday, October 17th. One investment analyst has rated the stock with a Buy rating. Based on data from MarketBeat.com, Comp En De Mn Cemig ADS currently has a consensus rating of “Buy”.

Comp En De Mn Cemig ADS Trading Down 20.2%

The stock has a 50 day simple moving average of $2.15 and a 200-day simple moving average of $2.21. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $5.25 billion, a P/E ratio of 9.75 and a beta of 0.76.

Hedge Funds Weigh In On Comp En De Mn Cemig ADS

Several hedge funds have recently made changes to their positions in CIG. TSP Capital Management Group LLC boosted its stake in shares of Comp En De Mn Cemig ADS by 0.8% in the first quarter. TSP Capital Management Group LLC now owns 9,123,551 shares of the utilities provider’s stock worth $21,805,000 after buying an additional 70,659 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Comp En De Mn Cemig ADS by 8.2% in the 1st quarter. Renaissance Technologies LLC now owns 7,993,849 shares of the utilities provider’s stock worth $19,105,000 after acquiring an additional 608,101 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Comp En De Mn Cemig ADS by 15.7% in the 1st quarter. Hsbc Holdings PLC now owns 1,357,797 shares of the utilities provider’s stock valued at $3,245,000 after buying an additional 183,962 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Comp En De Mn Cemig ADS by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,087,768 shares of the utilities provider’s stock valued at $2,600,000 after acquiring an additional 8,805 shares during the last quarter. Finally, Corient Private Wealth LLC increased its position in shares of Comp En De Mn Cemig ADS by 0.8% during the fourth quarter. Corient Private Wealth LLC now owns 594,303 shares of the utilities provider’s stock worth $1,190,000 after purchasing an additional 4,800 shares in the last quarter.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais SA, commonly known as Cemig, is a Brazilian electric utility headquartered in Minas Gerais. The company operates across the power sector, with activities that include electricity generation, transmission, distribution and commercialization.

Cemig supplies electricity to customers throughout Minas Gerais and manages a portfolio of power-generation assets, including hydroelectric facilities. Through affiliated businesses, the company has also participated in natural gas distribution and other energy-related activities.