Comp En De Mn Cemig ADS (NYSE:CIG) Sees Significant Increase in Short Interest

Comp En De Mn Cemig ADS (NYSE:CIG) was the target of a significant increase in short interest in July. As of July 31st, there was short interest totaling 3,502,794 shares, an increase of 48.0% from the July 15th total of 2,366,935 shares. Based on an average daily volume of 5,037,068 shares, the short-interest ratio is currently 0.7 days. Approximately 0.1% of the shares of the stock are sold short.

Hedge Funds Weigh In On Comp En De Mn Cemig ADS

Institutional investors and hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC increased its position 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 valued at $19,105,000 after buying an additional 608,101 shares in the last quarter. State Street Corp boosted its holdings in Comp En De Mn Cemig ADS by 4.2% in the fourth quarter. State Street Corp now owns 14,278,481 shares of the utilities provider’s stock worth $28,557,000 after acquiring an additional 579,856 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Comp En De Mn Cemig ADS in the second quarter valued at approximately $797,000. Corient Private Wealth LLC grew its stake in Comp En De Mn Cemig ADS by 158.4% in the second quarter. Corient Private Wealth LLC now owns 590,870 shares of the utilities provider’s stock valued at $1,158,000 after acquiring an additional 362,171 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Comp En De Mn Cemig ADS by 27.4% during the third quarter. Millennium Management LLC now owns 1,471,400 shares of the utilities provider’s stock valued at $3,105,000 after acquiring an additional 316,782 shares in the last quarter.

Wall Street Analyst Weigh In

Separately, 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 Tuesday, August 4th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, Comp En De Mn Cemig ADS currently has a consensus rating of “Hold”.

Comp En De Mn Cemig ADS Stock Up 1.8%

Shares of CIG opened at $1.94 on Thursday. The stock’s 50-day moving average price is $2.10 and its two-hundred day moving average price is $2.25. Comp En De Mn Cemig ADS has a 12 month low of $1.89 and a 12 month high of $2.76. The company has a market capitalization of $5.54 billion, a PE ratio of 10.18 and a beta of 0.78. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais SA (Cemig ADS) is a leading Brazilian energy company primarily engaged in the generation, transmission, distribution and commercialization of electric power. Headquartered in Belo Horizonte, the company operates as a vertically integrated utility, serving residential, commercial and industrial customers across its concession areas. In addition to its core electricity business, Cemig maintains interests in natural gas distribution and distinct energy-related ventures, including renewable sources and infrastructure projects.

In its generation segment, Cemig manages a diversified portfolio that includes hydroelectric, photovoltaic and wind power plants.