Comp En De Mn Cemig ADS (NYSE:CIG) Downgraded by BidaskClub

Comp En De Mn Cemig ADS (NYSE:CIG) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a report released on Tuesday, August 1st.

Several other research firms have also recently issued reports on CIG. J P Morgan Chase & Co cut Comp En De Mn Cemig ADS from an “overweight” rating to a “neutral” rating in a research report on Wednesday, April 26th. Goldman Sachs Group, Inc. (The) raised Comp En De Mn Cemig ADS from a “sell” rating to a “neutral” rating and upped their price objective for the company from $2.10 to $2.80 in a research report on Friday, July 14th. Finally, Morgan Stanley upgraded shares of Comp En De Mn Cemig ADS from an “underweight” rating to an “overweight” rating in a research note on Thursday, June 22nd. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $2.80.

Shares of Comp En De Mn Cemig ADS (CIG) traded down 0.79% during mid-day trading on Tuesday, hitting $2.52. The company had a trading volume of 8,344,182 shares. The firm has a market capitalization of $3.17 billion, a PE ratio of 15.65 and a beta of 1.89. The firm has a 50-day moving average price of $2.63 and a 200-day moving average price of $2.83. Comp En De Mn Cemig ADS has a 52 week low of $2.06 and a 52 week high of $3.84.

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Large investors have recently made changes to their positions in the stock. Morgan Stanley raised its stake in shares of Comp En De Mn Cemig ADS by 205.3% in the first quarter. Morgan Stanley now owns 11,884,345 shares of the utilities provider’s stock worth $39,099,000 after buying an additional 7,991,738 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Comp En De Mn Cemig ADS by 105.2% in the first quarter. Bank of America Corp DE now owns 10,859,115 shares of the utilities provider’s stock worth $35,726,000 after buying an additional 5,568,037 shares in the last quarter. Newfoundland Capital Management raised its stake in shares of Comp En De Mn Cemig ADS by 159.9% in the second quarter. Newfoundland Capital Management now owns 1,559,000 shares of the utilities provider’s stock worth $3,773,000 after buying an additional 959,155 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Comp En De Mn Cemig ADS by 278.5% in the first quarter. Jane Street Group LLC now owns 1,002,744 shares of the utilities provider’s stock worth $3,299,000 after buying an additional 737,834 shares in the last quarter. Finally, Westpac Banking Corp bought a new stake in shares of Comp En De Mn Cemig ADS during the first quarter worth $10,179,000. Institutional investors and hedge funds own 3.05% of the company’s stock.

About Comp En De Mn Cemig ADS

Companhia Energetica de Minas Gerais-CEMIG is a holding company that is engaged in the generation, transmission and distribution of electricity. The Company’s segments include Generation, Transmission, Distribution, Telecom, Gas and Other. The Company, through its interests in subsidiaries or jointly controlled entities, is engaged in the activities of the construction and operation of systems for sale of electricity, as well as various fields of energy and telecommunications, for the purpose of commercial operation.

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