Merrill Lynch International has recently announced that it has increased stake in Cia Energetica DE Minas Gerais – Cemig ADR (NYSE:CIG) by 290.31%. After grabbing 12.64 million shares, the institutional investor is now in possession of 9.41 million shares of the Utilities Company. The new investment brought the stake of investor firm to 0.86% having worth around $27.94 million. Moreover, The Vanguard Group, Inc. increased its share by 0.51 million to have a control over 8.68 million shares. And SSgA Funds Management, Inc. raised its holdings to 83677.0 shares by acquiring 5.46 million shares or 0.37% of the stake.
Cia Energetica DE Minas Gerais – Cemig ADR (CIG) concluded trading on 12/27/23 at a closing price of $2.28, with 3.1 million shares of worth about $7.06 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -4.13% during that period and on Wednesday the price saw a loss of about -0.87%. Currently the company’s common shares owned by public are about 1.46B shares, out of which, 1.46B shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 7 analysts are covering the CIG stock and their offered price forecasts bring an average price target of $13.62. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $16.00 and could fall to a lowest price of $11.87. The stock’s current price level is -6.54% below of average price target set by the analysts, while a dip to estimated low would result in gain of 80.79% for the stock. However, touching the estimated high of $16.00 would mean a gain of 85.75% for the stock.
GS Funds – Emerging Markets CORE, Goldman Sachs Emerging Markets Eq, and iShares Global Infrastructure Ind are the top 3 mutual funds which are holding stakes in Cia Energetica DE Minas Gerais – Cemig ADR GS Funds – Emerging Markets CORE is currently holding 7.52 million shares of worth totaling $16.62 million. The company recently came selling -0.94 million shares which brought its stake up to 0.51% of the company’s outstanding shares. Goldman Sachs Emerging Markets Eq sold -1.24 million shares, after which its hold over company’s outstanding shares shrunk to 0.31%, leaving 4.61 million shares with the mutual fund that have a worth of about $10.18 million. iShares Global Infrastructure Ind, after buying 4.42 million shares, have now control over 0.30% of the stake in the company. It holds 0.0 shares of worth $9.77 million.
Cia Energetica DE Minas Gerais – Cemig ADR (NYSE: CIG) started trading at $2.29, below -$0.01 from concluding price of the previous day. However, the stock later moved at a day high price of 2.3200, or with a loss of -0.87%. Stock saw a price change of 3.27% in past 5 days and over the past one month there was a price change of 13.49%. Year-to-date (YTD), CIG shares are showing a performance of 22.42% which increased to 19.37% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $1.73 but also hit the highest price of $2.61 during that period. The average intraday trading volume for Cia Energetica DE Minas Gerais – Cemig ADR shares is 3.31 million. The stock is currently trading 6.96% above its 20-day simple moving average (SMA20), while that difference is up 1.79% for SMA50 and it goes to 0.56% higher than SMA200.
Merrill Lynch International acquired 12.64 million shares of Cia Energetica DE Minas Gerais – Cemig ADR having value of about $27.94 million. Data submitted at the U.S SEC by Merrill Lynch International revealed that the firm now holds 9.41 million shares in the company valued at close to $21443632.56, or have control over 290.31% stake in the company. Cia Energetica DE Minas Gerais – Cemig ADR (NYSE: CIG) currently have 1.46B outstanding shares and institutions hold larger chunk of about 12.07% of that. Holding of mutual funds in the company is about 4.71% while other institutional holders and individual stake holders have control over 7.67% and — of the stake respectively.
The stock has a current market capitalization of $3.34B and its 3Y-monthly beta is at 1.22. PE ratio of stock for trailing 12 months is 4.82, while it has posted earnings per share of $0.47 in the same period. It has Quick Ratio of 1.30 while making debt-to-equity ratio of 0.55. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CIG, volatility over the week remained 2.20% while standing at 2.30% over the month.
Analysts are in expectations that Cia Energetica DE Minas Gerais – Cemig ADR (CIG) stock would likely to be making an EPS of $0 in the current quarter, while forecast for next quarter EPS is $0 and it is $0 for next year. For the current quarter EPS, analysts have given the company a lowest target $0 which is $0 at the higher side of the target for the same. Stock’s fiscal year EPS is expected to rise by 24.58% while it is estimated to decrease by -8.27% in next year. EPS is likely to shrink at an annualized rate of 0.00% for next 5-years, compared to annual growth of 16.88% made by the stock over the past 5-years.
Analysts at 7 brokerage firms have issued recommendations for the Cia Energetica DE Minas Gerais – Cemig ADR (CIG)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.86. Out of those 7 Wall Street analysts, 2 recommended a “Buy” rating, while 5 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
