Comp En De Mn Cemig ADS (NYSE:CIG) Stock Price Crosses Below Two Hundred Day Moving Average – What’s Next?

Comp En De Mn Cemig ADS (NYSE:CIG) passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $2.22 and traded as low as $1.81. Comp En De Mn Cemig ADS shares last traded at $1.9050, with a volume of 24,783,558 shares changing hands.

Wall Street Analysts Forecast Growth

CIG has been the subject of several research analyst reports. Wall Street Zen raised shares of Comp En De Mn Cemig ADS to a “hold” rating in a research note on Saturday, October 17th. Weiss Ratings downgraded shares of Comp En De Mn Cemig ADS from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. One analyst has rated the stock with a Hold rating. According to data from MarketBeat.com, the company has a consensus rating of “Hold”.

Comp En De Mn Cemig ADS Trading Down 3.4%

The company has a debt-to-equity ratio of 0.58, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market cap of $5.34 billion, a PE ratio of 9.82 and a beta of 0.76. The company’s 50 day moving average price is $2.15 and its 200 day moving average price is $2.21.

Hedge Funds Weigh In On Comp En De Mn Cemig ADS

Several institutional investors have recently modified their holdings of the business. Abundance Wealth Counselors increased its position in shares of Comp En De Mn Cemig ADS by 27.0% during the third quarter. Abundance Wealth Counselors now owns 561,437 shares of the utilities provider’s stock worth $1,179,000 after acquiring an additional 119,505 shares during the period. Invested Advisors raised its stake in shares of Comp En De Mn Cemig ADS by 120.6% in the third quarter. Invested Advisors now owns 93,012 shares of the utilities provider’s stock valued at $195,000 after acquiring an additional 50,844 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in Comp En De Mn Cemig ADS by 22.4% in the third quarter. Prime Capital Investment Advisors LLC now owns 68,633 shares of the utilities provider’s stock valued at $144,000 after purchasing an additional 12,548 shares during the period. Investment Research Partners LLC boosted its holdings in Comp En De Mn Cemig ADS by 47.9% in the third quarter. Investment Research Partners LLC now owns 302,274 shares of the utilities provider’s stock valued at $635,000 after purchasing an additional 97,942 shares during the period. Finally, Avail Investment Partners LLC boosted its holdings in Comp En De Mn Cemig ADS by 80.3% in the third quarter. Avail Investment Partners LLC now owns 73,897 shares of the utilities provider’s stock valued at $155,000 after purchasing an additional 32,907 shares during the period.

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.