CEMIG (NYSE:CIG) Share Price Passes Above 200-Day Moving Average of $2.48

CEMIG (NYSE:CIG)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $2.48 and traded as high as $2.75. CEMIG shares last traded at $2.71, with a volume of 2,785,709 shares traded.

Analyst Upgrades and Downgrades

CIG has been the subject of a number of recent research reports. HSBC upgraded CEMIG from a “hold” rating to a “buy” rating and set a $2.90 price objective for the company in a research report on Wednesday, November 1st. Bank of America raised CEMIG from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 19th. Finally, JPMorgan Chase & Co. raised CEMIG from a “neutral” rating to an “overweight” rating in a research note on Wednesday, August 30th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, CEMIG presently has a consensus rating of “Moderate Buy” and a consensus target price of $2.90.

CEMIG Trading Down 0.4 %

The business has a 50 day simple moving average of $2.46 and a 200-day simple moving average of $2.48. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.48.

CEMIG (NYSE:CIG) last released its quarterly earnings data on Tuesday, September 12th. The utilities provider reported $0.12 earnings per share for the quarter. The business had revenue of $1.78 billion for the quarter. CEMIG had a return on equity of 23.29% and a net margin of 14.35%. Sell-side analysts expect that CEMIG will post 0.44 earnings per share for the current year.

Hedge Funds Weigh In On CEMIG

A hedge fund recently raised its stake in CEMIG stock. Marshall Wace LLP grew its position in CEMIG (NYSE:CIG) by 66.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,533,362 shares of the utilities provider’s stock after purchasing an additional 1,410,006 shares during the period. Marshall Wace LLP owned approximately 0.16% of CEMIG worth $7,173,000 as of its most recent SEC filing. Institutional investors own 1.94% of the company’s stock.

CEMIG Company Profile

Companhia Energética de Minas Gerais, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Brazil. The company generates electricity through renewable energy sources, such as water, wind, sun, and biomass; or non-renewable sources, including fossil and nuclear fuels.