Comp En De Mn Cemig ADS (NYSE:CIG) Reaches New 52-Week High – Here’s Why

Comp En De Mn Cemig ADS (NYSE:CIG)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $2.44 and last traded at $2.4150, with a volume of 566127 shares. The stock had previously closed at $2.39.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Comp En De Mn Cemig ADS from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, March 24th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy”.

Comp En De Mn Cemig ADS Trading Up 1.0%

The stock has a fifty day simple moving average of $2.25 and a 200 day simple moving average of $2.12. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $6.91 billion, a P/E ratio of 12.08 and a beta of 0.91.

Comp En De Mn Cemig ADS (NYSE:CIG) last announced its quarterly earnings results on Tuesday, January 20th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter. Comp En De Mn Cemig ADS had a return on equity of 14.96% and a net margin of 9.45%. On average, research analysts expect that Comp En De Mn Cemig ADS will post 0.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Comp En De Mn Cemig ADS

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Greenspring Advisors LLC bought a new stake in shares of Comp En De Mn Cemig ADS in the fourth quarter worth approximately $30,000. SmartHarvest Portfolios LLC purchased a new stake in Comp En De Mn Cemig ADS in the fourth quarter worth approximately $30,000. Inspire Advisors LLC boosted its holdings in Comp En De Mn Cemig ADS by 55.8% in the fourth quarter. Inspire Advisors LLC now owns 15,716 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 5,631 shares during the last quarter. Eagle Bay Advisors LLC bought a new stake in Comp En De Mn Cemig ADS in the 4th quarter worth approximately $32,000. Finally, EP Wealth Advisors LLC bought a new stake in Comp En De Mn Cemig ADS in the 4th quarter worth approximately $33,000.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais SA (Cemig ADS) is a leading Brazilian energy company primarily engaged in the generation, transmission, distribution and commercialization of electric power. Headquartered in Belo Horizonte, the company operates as a vertically integrated utility, serving residential, commercial and industrial customers across its concession areas. In addition to its core electricity business, Cemig maintains interests in natural gas distribution and distinct energy-related ventures, including renewable sources and infrastructure projects.

In its generation segment, Cemig manages a diversified portfolio that includes hydroelectric, photovoltaic and wind power plants.