CEMIG (NYSE:CIG) was the recipient of a large decrease in short interest during the month of May. As of May 15th, there was short interest totalling 3,324,631 shares, a decrease of 45.2% from the April 30th total of 6,067,785 shares. Based on an average trading volume of 2,350,938 shares, the short-interest ratio is currently 1.4 days.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in CEMIG by 23.5% in the 4th quarter. BlackRock Inc. now owns 10,131,225 shares of the utilities provider’s stock valued at $20,871,000 after purchasing an additional 1,928,189 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in CEMIG by 11.1% in the 4th quarter. Bank of New York Mellon Corp now owns 3,590,702 shares of the utilities provider’s stock valued at $7,397,000 after purchasing an additional 357,683 shares in the last quarter. Electron Capital Partners LLC lifted its holdings in CEMIG by 10.0% in the 4th quarter. Electron Capital Partners LLC now owns 2,198,220 shares of the utilities provider’s stock valued at $4,528,000 after purchasing an additional 199,211 shares in the last quarter. TSP Capital Management Group LLC lifted its holdings in CEMIG by 10.6% in the 4th quarter. TSP Capital Management Group LLC now owns 1,687,195 shares of the utilities provider’s stock valued at $3,476,000 after purchasing an additional 161,814 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in CEMIG by 28.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,149,692 shares of the utilities provider’s stock valued at $2,368,000 after purchasing an additional 251,463 shares in the last quarter. 2.41% of the stock is currently owned by hedge funds and other institutional investors.

Shares of CEMIG opened at $2.01 on Friday, according to Marketbeat.com. CEMIG has a 52 week low of $1.89 and a 52 week high of $2.92. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.84.

The firm also recently disclosed an annual dividend, which was paid on Thursday, May 3rd. Investors of record on Thursday, May 3rd were paid a $0.13 dividend. The ex-dividend date was Wednesday, May 2nd. This represents a yield of 5.35%.

CIG has been the topic of a number of research reports. UBS Group raised shares of CEMIG from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. cut shares of CEMIG from an “overweight” rating to a “neutral” rating in a research note on Wednesday, April 4th. Finally, ValuEngine cut shares of CEMIG from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $2.80.

CEMIG Company Profile

Companhia Energ├ętica 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.

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