Companhia Energética de Minas Gerais (NYSE:CIG) shares gapped up prior to trading on Thursday . The stock had previously closed at $2.26, but opened at $2.19. Companhia Energética de Minas Gerais shares last traded at $2.14, with a volume of 1382370 shares changing hands.

A number of analysts recently commented on CIG shares. BidaskClub upgraded Companhia Energética de Minas Gerais from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Goldman Sachs Group, Inc. (The) upgraded Companhia Energética de Minas Gerais from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $2.10 to $2.80 in a report on Friday, July 14th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $2.80.

The company has a current ratio of 0.67, a quick ratio of 0.66 and a debt-to-equity ratio of 0.70.

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Companhia Energética de Minas Gerais by 4.8% during the second quarter. Vanguard Group Inc. now owns 8,208,045 shares of the utilities provider’s stock worth $19,699,000 after acquiring an additional 375,410 shares during the period. Parametric Portfolio Associates LLC lifted its holdings in Companhia Energética de Minas Gerais by 1.2% during the second quarter. Parametric Portfolio Associates LLC now owns 6,638,222 shares of the utilities provider’s stock worth $15,932,000 after acquiring an additional 79,976 shares during the period. JPMorgan Chase & Co. lifted its holdings in Companhia Energética de Minas Gerais by 809.8% during the third quarter. JPMorgan Chase & Co. now owns 4,633,526 shares of the utilities provider’s stock worth $11,491,000 after acquiring an additional 4,124,242 shares during the period. TSP Capital Management Group LLC lifted its holdings in Companhia Energética de Minas Gerais by 4.7% during the second quarter. TSP Capital Management Group LLC now owns 2,095,822 shares of the utilities provider’s stock worth $5,030,000 after acquiring an additional 94,170 shares during the period. Finally, Newfoundland Capital Management lifted its holdings in Companhia Energética de Minas Gerais by 159.9% during the second quarter. Newfoundland Capital Management now owns 1,559,000 shares of the utilities provider’s stock worth $3,773,000 after acquiring an additional 959,155 shares during the period. Institutional investors and hedge funds own 2.66% of the company’s stock.

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About Companhia Energética de Minas Gerais

Companhia Energetica de Minas Gerais-CEMIG is a holding company that is engaged in the generation, transmission and distribution of electricity. The Company’s segments include Generation, Transmission, Distribution, Telecom, Gas and Other. The Company, through its interests in subsidiaries or jointly controlled entities, is engaged in the activities of the construction and operation of systems for sale of electricity, as well as various fields of energy and telecommunications, for the purpose of commercial operation.

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