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

Analysts have set a 12 month consensus target price of $3.00 for the company, according to Zacks. Zacks has also given Companhia Energetica de Minas Gerais an industry rank of 165 out of 265 based on the ratings given to its competitors.

Separately, Zacks Investment Research lowered shares of Companhia Energetica de Minas Gerais from a “hold” rating to a “sell” rating in a research report on Friday, June 3rd.

Companhia Energetica de Minas Gerais (NYSE:CIG) opened at 2.70 on Monday. The firm’s 50-day moving average is $2.79 and its 200 day moving average is $2.21. Companhia Energetica de Minas Gerais has a 12 month low of $1.02 and a 12 month high of $3.08. The firm has a market capitalization of $3.40 billion, a P/E ratio of 16.56 and a beta of 2.08.

Several institutional investors have recently modified their holdings of the company. BNP Paribas Arbitrage SA raised its position in shares of Companhia Energetica de Minas Gerais by 16.0% in the second quarter. BNP Paribas Arbitrage SA now owns 286,768 shares of the company’s stock worth $634,000 after buying an additional 39,566 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of Companhia Energetica de Minas Gerais by 8.7% in the first quarter. BlackRock Fund Advisors now owns 3,096,328 shares of the company’s stock worth $6,998,000 after buying an additional 248,121 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Companhia Energetica de Minas Gerais by 37.0% in the first quarter. Goldman Sachs Group Inc. now owns 3,828,520 shares of the company’s stock worth $8,653,000 after buying an additional 1,033,552 shares in the last quarter. NN Investment Partners Holdings N.V. bought a new position in shares of Companhia Energetica de Minas Gerais during the first quarter worth $2,352,000. Finally, Boothbay Fund Management LLC acquired a new stake in Companhia Energetica de Minas Gerais during the first quarter worth about $115,000. Hedge funds and other institutional investors own 4.44% of the company’s stock.

About Companhia Energetica de Minas Gerais

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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