Short Interest in CEMIG (NYSE:CIG) Grows By 5.1%

CEMIG (NYSE:CIG) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 1,230,000 shares, a growth of 5.1% from the October 15th total of 1,170,000 shares. Based on an average daily volume of 3,450,000 shares, the days-to-cover ratio is currently 0.4 days.

Wall Street Analysts Forecast Growth

CIG has been the topic of several recent analyst reports. HSBC raised CEMIG from a “hold” rating to a “buy” rating and set a $2.90 target price on the stock in a research note on Wednesday, November 1st. JPMorgan Chase & Co. raised CEMIG from a “neutral” rating to an “overweight” rating in a research note on Wednesday, August 30th. Finally, Bank of America raised CEMIG from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 19th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $2.90.

Hedge Funds Weigh In On CEMIG

A hedge fund recently raised its stake in CEMIG stock. SPX Gestao de Recursos Ltda grew its position in CEMIG (NYSE:CIG) by 124.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,520,896 shares of the utilities provider’s stock after buying an additional 1,395,247 shares during the quarter. SPX Gestao de Recursos Ltda owned 0.11% of CEMIG worth $6,630,000 at the end of the most recent reporting period. 1.94% of the stock is owned by institutional investors and hedge funds.

CEMIG Price Performance

CIG traded down $0.01 during trading hours on Friday, reaching $2.71. 2,785,721 shares of the company’s stock traded hands, compared to its average volume of 3,847,873. The firm has a 50-day moving average price of $2.46 and a 200 day moving average price of $2.48. CEMIG has a 52-week low of $1.89 and a 52-week high of $2.75. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.34 and a quick ratio of 1.34.

CEMIG (NYSE:CIG) last posted its quarterly earnings data on Tuesday, September 12th. The utilities provider reported $0.12 earnings per share (EPS) for the quarter. CEMIG had a return on equity of 23.29% and a net margin of 14.35%. The company had revenue of $1.78 billion during the quarter. As a group, research analysts predict that CEMIG will post 0.44 earnings per share for the current year.

About CEMIG

Companhia Energética 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.