BlackRock Fund Advisors recently announced the acquisition of new stake in Companhia Energetica de Minas Gerais (NYSE:CIG). The institutional investor has increased its shareholding in the Utilities company by 40.45% to 20.06 million shares with purchase of 5.78 million shares. This fresh investment now brings its stake to 2.07% valued currently at $46.55 million. In addition, BlackRock Advisors (UK) Ltd. raised its holdings by 8.53 million to 19.89 million shares. And AQR Capital Management LLC has lifted its position by 44.79% or 1.38 million shares – to 4.45 million shares.
With over 4.23 million Companhia Energetica de Minas Gerais (CIG) shares trading Tuesday and a closing price of $2.07 on the day, the dollar volume was approximately $8.75 million. The shares have shown a negative weekly performance of -0.48% and its price on 09/01/20 gained nearly 5.61%. Currently, there are 1.52B common shares owned by the public and among those 1.11B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for CIG have a consensus price objective of $2.55. The analysts have set the share’s price value over the next 12 months at a high of $2.82 and a low of $2.12 should the stock experience a downside. Incidentally, analysts’ outlook for the Companhia Energetica de Minas Gerais stock is 1.50 for the next 12 months. The average price target is 21.59% above its last price level and an upside to the estimated low will see the stock gain 2.36% over that period. But an upside of 26.6% will see the stock hit the forecast high price target while mean target price for the stock is $2.54.
The top 3 mutual fund holders in Companhia Energetica de Minas Gerais are iShares II Plc – Global Clean Ene, iShares Global Clean Energy ETF, and iShares Tr. – Latin America 40 ET. iShares II Plc – Global Clean Ene owns 25.68 million shares of the company’s stock, all valued at over $59.58 million. iShares Global Clean Energy ETF bought 0.88 million shares to see its total holdings expand to 18.1 million shares valued at over $41.98 million and representing 1.86% of the shares outstanding. iShares Tr. – Latin America 40 ET sold 69964.0 shares to bring its total holdings to over 2.87 million shares at a value of $6.66 million. iShares Tr. – Latin America 40 ET now owns shares totaling to 0.30% of the shares outstanding.
Shares of Companhia Energetica de Minas Gerais (NYSE: CIG) opened at $2.02, up $0.06 from a prior closing price of $1.96. However, the script later closed the day at $2.07, up 5.61%. The company’s stock has a 5-day price change of -0.48% and -3.36% over the past three months. CIG shares are trading -35.54% year to date (YTD), with the 12-month market performance down to -36.28% lower. It has a 12-month low price of $1.23 and touched a high of $3.60 over the same period. Currently, 4.23 million shares have been traded, compared to an average intraday trading volume of 3.64 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.00%, -0.81%, and -13.22% respectively.
Institutional ownership of Companhia Energetica de Minas Gerais (NYSE: CIG) shares accounts for 12.30% of the company’s 1.52B shares outstanding. Mutual fund holders own 3.31%, while other institutional holders and individual stakeholders account for 6.86% and — respectively.
It has a market capitalization of $2.92B and a beta (3y monthly) value of 0.57. The stock’s trailing 12-month PE ratio is 17.84, while the earnings-per-share (ttm) stands at $0.12. The company has a debt-to-equity ratio at 0.96. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.33% over the week and 4.23% over the month.
Analysts forecast that Companhia Energetica de Minas Gerais (CIG) will achieve an EPS of $0 for the current quarter, $0 for the next quarter and $0 for Next Year. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0. EPS should grow at an annualized rate of 0.00% over the next five years, compared to -3.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Companhia Energetica de Minas Gerais (CIG) as a “Strong Buy” at a consensus score of 1.50. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 2 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CIG, a number of firms have released research notes about the stock. Goldman stated their Buy rating for the stock in a research note on November 14, 2019, with the firm’s price target at. JP Morgan coverage for the Companhia Energetica de Minas Gerais (CIG) stock in a research note released on April 10, 2019 offered a Overweight rating with a price target of. Citigroup was of a view on January 16, 2019 that the stock is Sell, while Goldman gave the stock Sell rating on January 03, 2019, issuing a price target of. UBS on their part issued Neutral rating on October 18, 2018.