CEMIG (NYSE:CIG) Shares Gap Down – Time to Sell?

CEMIG (NYSE:CIG) shares gapped down before the market opened on Tuesday . The stock had previously closed at $1.76, but opened at $1.71. CEMIG shares last traded at $1.75, with a volume of 1,804,118 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CIG. Hsbc Global Res upgraded CEMIG to a “hold” rating in a research note on Friday, January 10th. HSBC cut CEMIG from a “buy” rating to a “hold” rating in a research report on Friday, January 10th. Finally, Bank of America cut shares of CEMIG from a “neutral” rating to an “underperform” rating in a research note on Tuesday.

CEMIG Stock Performance

The stock has a 50-day moving average of $1.88 and a 200 day moving average of $1.91. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market capitalization of $4.94 billion, a P/E ratio of 3.22 and a beta of 1.30.

CEMIG Cuts Dividend

The company also recently announced a dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were given a dividend of $0.033 per share. The ex-dividend date of this dividend was Monday, March 31st. CEMIG’s payout ratio is currently 25.93%.

About CEMIG

Companhia Energética de Minas Gerais, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Brazil. The company generates electricity through renewable energy sources, such as water, wind, sun, and biomass; or non-renewable sources, including fossil and nuclear fuels.