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

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

Institutional Investors Weigh In On Comp En De Mn Cemig ADS

Several hedge funds and other institutional investors have recently bought and sold shares of CIG. Engineers Gate Manager LP grew its position in shares of Comp En De Mn Cemig ADS by 187.0% during the second quarter. Engineers Gate Manager LP now owns 99,810 shares of the utilities provider’s stock worth $210,000 after buying an additional 65,030 shares in the last quarter. Nykredit A S acquired a new position in Comp En De Mn Cemig ADS during the 2nd quarter worth $844,000. MW Advisory LLC acquired a new position in Comp En De Mn Cemig ADS during the 2nd quarter worth $34,000. Invested Advisors increased its position in shares of Comp En De Mn Cemig ADS by 65.7% in the 2nd quarter. Invested Advisors now owns 42,168 shares of the utilities provider’s stock worth $89,000 after purchasing an additional 16,721 shares during the last quarter. Finally, Plan A Wealth LLC acquired a new stake in shares of Comp En De Mn Cemig ADS in the 2nd quarter valued at about $254,000.

Comp En De Mn Cemig ADS Stock Performance

Shares of CIG stock opened at $2.12 on Thursday. 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 company’s fifty day moving average price is $2.08 and its two-hundred day moving average price is $2.22. The firm has a market capitalization of $6.05 billion, a P/E ratio of 11.13 and a beta of 0.75. Comp En De Mn Cemig ADS has a 12 month low of $1.87 and a 12 month high of $2.76.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered 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 investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Comp En De Mn Cemig ADS has an average rating of “Hold”.

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.