Analysts Set CEMIG (CIG) Price Target at $2.80

CEMIG (NYSE:CIG) has been assigned a consensus recommendation of “Hold” from the six analysts that are currently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $2.80.

A number of equities research analysts have recently weighed in on the company. ValuEngine downgraded CEMIG from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. JPMorgan Chase & Co. downgraded CEMIG from an “overweight” rating to a “neutral” rating in a report on Wednesday, April 4th. Finally, UBS Group upgraded CEMIG from a “neutral” rating to a “buy” rating in a report on Monday, May 21st.

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Hedge funds and other institutional investors have recently modified their holdings of the company. First Trust Advisors LP increased its holdings in shares of CEMIG by 36.4% in the 4th quarter. First Trust Advisors LP now owns 106,040 shares of the utilities provider’s stock valued at $218,000 after acquiring an additional 28,305 shares during the last quarter. Two Sigma Securities LLC boosted its position in CEMIG by 382.3% during the 4th quarter. Two Sigma Securities LLC now owns 117,449 shares of the utilities provider’s stock valued at $242,000 after purchasing an additional 93,095 shares during the period. Gotham Asset Management LLC acquired a new position in CEMIG during the 4th quarter valued at approximately $350,000. UBS Asset Management Americas Inc. boosted its position in CEMIG by 14.3% during the 4th quarter. UBS Asset Management Americas Inc. now owns 296,174 shares of the utilities provider’s stock valued at $610,000 after purchasing an additional 37,139 shares during the period. Finally, Two Sigma Advisers LP boosted its position in CEMIG by 55.2% during the 4th quarter. Two Sigma Advisers LP now owns 332,143 shares of the utilities provider’s stock valued at $684,000 after purchasing an additional 118,100 shares during the period. Institutional investors and hedge funds own 2.41% of the company’s stock.

Shares of CEMIG traded down $0.01, reaching $2.00, during trading on Friday, according to Marketbeat Ratings. The stock had a trading volume of 8,361,165 shares, compared to its average volume of 3,745,943. CEMIG has a one year low of $1.89 and a one year high of $2.92. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.84.

About CEMIG

Companhia Energ茅tica de Minas Gerais, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Brazil. The company generates electricity through renewable energy sources, such as water, wind, sun, and biomass; or non-renewable sources, including fossil and nuclear fuels.