Trading Report: Today: Brokerages Set $3.20 Target Price for Companhia Energetica de Minas Gerais S.A. (CIG)

Today: Brokerages Set $3.20 Target Price for Companhia Energetica de Minas Gerais S.A. (CIG)

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

Brokerages have set a 12 month consensus target price of $3.20 for the company, according to Zacks. Zacks has also given Companhia Energetica de Minas Gerais an industry rank of 87 out of 265 based on the ratings given to its competitors.

A number of analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Companhia Energetica de Minas Gerais from a “sell” rating to a “hold” rating and set a $3.25 target price on the stock in a research note on Monday, August 1st. TheStreet upgraded shares of Companhia Energetica de Minas Gerais from a “sell” rating to a “hold” rating in a research note on Wednesday, November 23rd.

Shares of Companhia Energetica de Minas Gerais (NYSE:CIG) traded up 2.838% during mid-day trading on Monday, reaching $2.355. 673,388 shares of the company’s stock traded hands. The firm’s 50-day moving average is $2.67 and its 200 day moving average is $2.42. The firm has a market cap of $2.96 billion, a price-to-earnings ratio of 10.608 and a beta of 1.98. Companhia Energetica de Minas Gerais has a one year low of $1.02 and a one year high of $3.08.

A number of institutional investors have recently made changes to their positions in CIG. Boothbay Fund Management LLC bought a new position in shares of Companhia Energetica de Minas Gerais during the first quarter valued at approximately $115,000. Nordea Investment Management AB bought a new position in shares of Companhia Energetica de Minas Gerais during the second quarter valued at approximately $158,000. Capstone Asset Management Co. raised its position in shares of Companhia Energetica de Minas Gerais by 4.1% in the third quarter. Capstone Asset Management Co. now owns 74,417 shares of the company’s stock valued at $193,000 after buying an additional 2,950 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Companhia Energetica de Minas Gerais during the second quarter valued at approximately $224,000. Finally, Profund Advisors LLC bought a new position in shares of Companhia Energetica de Minas Gerais during the third quarter valued at approximately $229,000. Institutional investors own 2.98% of the company’s stock.

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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