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

Brokers have set a 1 year consensus price target of $3.00 for the company, according to Zacks. Zacks has also assigned Companhia Energetica de Minas Gerais an industry rank of 165 out of 265 based on the ratings given to related companies.

Separately, Zacks Investment Research upgraded Companhia Energetica de Minas Gerais from a “sell” rating to a “hold” rating and set a $3.25 target price for the company in a research note on Monday, August 1st.

Companhia Energetica de Minas Gerais (NYSE:CIG) opened at 2.70 on Monday. The firm has a 50-day moving average price of $2.79 and a 200 day moving average price of $2.21. Companhia Energetica de Minas Gerais has a 52-week low of $1.02 and a 52-week high of $3.08. The stock has a market cap of $3.40 billion, a PE ratio of 16.56 and a beta of 2.08.

A number of institutional investors have recently bought and sold shares of the stock. Boothbay Fund Management LLC purchased a new position in Companhia Energetica de Minas Gerais during the first quarter valued at approximately $115,000. Nordea Investment Management AB purchased a new position in Companhia Energetica de Minas Gerais during the second quarter valued at approximately $158,000. Cubist Systematic Strategies LLC purchased a new position in Companhia Energetica de Minas Gerais during the second quarter valued at approximately $224,000. Deltec Asset Management LLC boosted its position in Companhia Energetica de Minas Gerais by 300.0% in the second quarter. Deltec Asset Management LLC now owns 160,000 shares of the company’s stock valued at $354,000 after buying an additional 120,000 shares during the period. Finally, BlackRock Inc. boosted its position in Companhia Energetica de Minas Gerais by 17.2% in the second quarter. BlackRock Inc. now owns 166,255 shares of the company’s stock valued at $367,000 after buying an additional 24,347 shares during the period. 4.44% of the stock is owned by hedge funds and other institutional investors.

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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