The Zacks: Companhia Energetica de Minas Gerais S.A. (CIG) Given $3.20 Average Price Target by Analysts

The Zacks: Companhia Energetica de Minas Gerais S.A. (CIG) Given $3.20 Average Price Target by Analysts

Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) has earned an average broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong buy recommendation.

Brokerages have set a 1 year consensus price target of $3.20 for the company, according to Zacks. Zacks has also assigned Companhia Energetica de Minas Gerais an industry rank of 76 out of 265 based on the ratings given to related companies.

Several research firms recently commented on CIG. Zacks Investment Research upgraded shares of Companhia Energetica de Minas Gerais from a “sell” rating to a “hold” rating in a research report on Tuesday, December 20th. TheStreet upgraded shares of Companhia Energetica de Minas Gerais from a “sell” rating to a “hold” rating in a research report on Wednesday, November 23rd. Finally, Goldman Sachs Group Inc. lowered shares of Companhia Energetica de Minas Gerais from a “neutral” rating to a “sell” rating in a research report on Wednesday, January 4th.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CIG. Barclays PLC raised its position in Companhia Energetica de Minas Gerais by 22.6% in the second quarter. Barclays PLC now owns 428,960 shares of the company’s stock worth $948,000 after buying an additional 79,045 shares during the period. Parametric Portfolio Associates LLC raised its position in Companhia Energetica de Minas Gerais by 31.2% in the second quarter. Parametric Portfolio Associates LLC now owns 11,003,391 shares of the company’s stock worth $24,317,000 after buying an additional 2,614,207 shares during the period. State Street Corp raised its position in Companhia Energetica de Minas Gerais by 7.1% in the second quarter. State Street Corp now owns 9,518,443 shares of the company’s stock worth $21,036,000 after buying an additional 628,621 shares during the period. GAM Holding AG raised its position in Companhia Energetica de Minas Gerais by 121.5% in the second quarter. GAM Holding AG now owns 489,550 shares of the company’s stock worth $1,082,000 after buying an additional 268,550 shares during the period. Finally, TSP Capital Management Group LLC raised its position in Companhia Energetica de Minas Gerais by 5.4% in the second quarter. TSP Capital Management Group LLC now owns 1,975,739 shares of the company’s stock worth $4,366,000 after buying an additional 100,996 shares during the period. Institutional investors own 2.98% of the company’s stock.

Shares of Companhia Energetica de Minas Gerais (NYSE:CIG) opened at 2.65 on Friday. The firm has a market capitalization of $3.33 billion, a PE ratio of 11.23 and a beta of 1.85. The firm’s 50 day moving average is $2.28 and its 200-day moving average is $2.59. Companhia Energetica de Minas Gerais has a 12 month low of $1.05 and a 12 month high of $3.08.

Companhia Energetica de Minas Gerais Company Profile

Companhia Energetica de Minas Gerais CEMIG is a Brazil-based holding company mainly engaged in the generation, transmission and distribution of electricity. The Company operates through the segments: Generation, Transmission, Distribution, Telecom, Gas and Other. The Company generates electricity at approximately 78 hydroelectric plants, three thermoelectric plants and 23 wind farms.

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