Comp En De Mn Cemig ADS (NYSE:CIG) Stock Short Interest Falls 33.9%

Comp En De Mn Cemig ADS (NYSE:CIG) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totaling 2,154,843 shares, a drop of 33.9% from the September 30th total of 3,257,971 shares. Approximately 0.1% of the company’s shares are sold short. Based on an average daily volume of 5,732,637 shares, the short-interest ratio is presently 0.4 days.

Comp En De Mn Cemig ADS Price Performance

Shares of Comp En De Mn Cemig ADS stock traded down $0.04 during midday trading on Tuesday, hitting $1.78. 3,669,499 shares of the company traded hands, compared to its average volume of 5,905,872. The firm’s fifty day moving average price is $2.14 and its 200-day moving average price is $2.21. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 9.39 and a beta of 0.76. Comp En De Mn Cemig ADS has a 12 month low of $1.77 and a 12 month high of $2.76. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 0.93.

Hedge Funds Weigh In On Comp En De Mn Cemig ADS

Several large investors have recently bought and sold shares of CIG. Mirae Asset Global Investments Co. Ltd. bought a new position in Comp En De Mn Cemig ADS during the 3rd quarter worth approximately $63,000. Vise Technologies Inc. lifted its position in Comp En De Mn Cemig ADS by 107.2% in the third quarter. Vise Technologies Inc. now owns 45,433 shares of the utilities provider’s stock valued at $95,000 after purchasing an additional 23,511 shares during the last quarter. Abundance Wealth Counselors lifted its position in Comp En De Mn Cemig ADS by 27.0% in the third quarter. Abundance Wealth Counselors now owns 561,437 shares of the utilities provider’s stock valued at $1,179,000 after purchasing an additional 119,505 shares during the last quarter. Invested Advisors raised its holdings in Comp En De Mn Cemig ADS by 120.6% during the 3rd quarter. Invested Advisors now owns 93,012 shares of the utilities provider’s stock valued at $195,000 after buying an additional 50,844 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC raised its stake in shares of Comp En De Mn Cemig ADS by 22.4% during the third quarter. Prime Capital Investment Advisors LLC now owns 68,633 shares of the utilities provider’s stock valued at $144,000 after acquiring an additional 12,548 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Comp En De Mn Cemig ADS to a “hold” rating in a report on Saturday, October 17th. Weiss Ratings cut Comp En De Mn Cemig ADS from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, October 26th. One investment analyst has rated the stock with a Hold rating. According to data from MarketBeat.com, the company currently 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 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.