Comp En De Mn Cemig ADS (NYSE:CIG) Reaches New 12-Month Low – Time to Sell?

Shares of Comp En De Mn Cemig ADS (NYSE:CIG) hit a new 52-week low during trading on Monday. The company traded as low as $1.87 and last traded at $1.8450, with a volume of 571,399 shares traded. The stock had previously closed at $2.30.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Weiss Ratings cut Comp En De Mn Cemig ADS from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Wall Street Zen raised shares of Comp En De Mn Cemig ADS to a “hold” rating in a research report on Saturday, October 17th. One equities research analyst has rated the stock with a Hold rating. According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Comp En De Mn Cemig ADS Stock Up 0.8%

The firm has a fifty day simple moving average of $2.15 and a 200 day simple moving average of $2.21.

Hedge Funds Weigh In On Comp En De Mn Cemig ADS

A number of hedge funds have recently made changes to their positions in CIG. Abundance Wealth Counselors grew its stake in shares of Comp En De Mn Cemig ADS by 27.0% in the 3rd quarter. Abundance Wealth Counselors now owns 561,437 shares of the utilities provider’s stock valued at $1,179,000 after purchasing an additional 119,505 shares during the period. Invested Advisors raised its holdings in shares of Comp En De Mn Cemig ADS by 120.6% in the 3rd quarter. Invested Advisors now owns 93,012 shares of the utilities provider’s stock worth $195,000 after buying an additional 50,844 shares in the last quarter. Prime Capital Investment Advisors LLC lifted its position in shares of Comp En De Mn Cemig ADS by 22.4% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 68,633 shares of the utilities provider’s stock worth $144,000 after buying an additional 12,548 shares during the period. Investment Research Partners LLC lifted its position in shares of Comp En De Mn Cemig ADS by 47.9% during the 3rd quarter. Investment Research Partners LLC now owns 302,274 shares of the utilities provider’s stock worth $635,000 after buying an additional 97,942 shares during the period. Finally, Avail Investment Partners LLC lifted its position in shares of Comp En De Mn Cemig ADS by 80.3% during the 3rd quarter. Avail Investment Partners LLC now owns 73,897 shares of the utilities provider’s stock worth $155,000 after buying an additional 32,907 shares during the period.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais SA, commonly known as Cemig, is a Brazilian electric utility headquartered in Minas Gerais. The company operates across the power sector, with activities that include electricity generation, transmission, distribution and commercialization.

Cemig supplies electricity to customers throughout Minas Gerais and manages a portfolio of power-generation assets, including hydroelectric facilities. Through affiliated businesses, the company has also participated in natural gas distribution and other energy-related activities.