Shares of Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) shot up 2.4% during mid-day trading on Tuesday . The stock traded as high as $2.64 and last traded at $2.61, with a volume of 1,435,039 shares. The stock had previously closed at $2.55.

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

The firm has a market cap of $3.30 billion, a P/E ratio of 16.07 and a beta of 2.08. The firm’s 50-day moving average is $2.79 and its 200-day moving average is $2.20.

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Several hedge funds have recently made changes to their positions in CIG. BNP Paribas Arbitrage SA boosted its stake in shares of Companhia Energetica de Minas Gerais by 16.0% in the second quarter. BNP Paribas Arbitrage SA now owns 286,768 shares of the company’s stock valued at $634,000 after buying an additional 39,566 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Companhia Energetica de Minas Gerais by 8.7% in the first quarter. BlackRock Fund Advisors now owns 3,096,328 shares of the company’s stock valued at $6,998,000 after buying an additional 248,121 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Companhia Energetica de Minas Gerais by 37.0% in the first quarter. Goldman Sachs Group Inc. now owns 3,828,520 shares of the company’s stock valued at $8,653,000 after buying an additional 1,033,552 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in shares of Companhia Energetica de Minas Gerais during the first quarter valued at approximately $2,352,000. Finally, Boothbay Fund Management LLC acquired a new stake in shares of Companhia Energetica de Minas Gerais during the first quarter valued at approximately $115,000. Institutional investors own 4.44% of the company’s stock.

About Companhia Energetica de Minas Gerais

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.

5 Day Chart for NYSE:CIG

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