Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “CEMIG SA -ADR is active in the generation, transmission, distribution and commercialization business, Cemig continues to invest in the expansion of its services and in new technologies so as to remain a top notch company nationwide. Using power sources such as hydraulic, thermal, wind and solar power and even other more advanced technologies, such as hydrogen fuel cells, Cemig goes on providing, under any circumstances, alternatives for the supply and commercialization of electric energy. “

Separately, TheStreet raised shares of Companhia Energetica de Minas Gerais from a “sell” rating to a “hold” rating in a research report on Wednesday, November 23rd.

Shares of Companhia Energetica de Minas Gerais (NYSE:CIG) traded down 3.02% on Wednesday, reaching $2.25. 6,533,000 shares of the company were exchanged. Companhia Energetica de Minas Gerais has a 12-month low of $1.02 and a 12-month high of $3.08. The stock has a market capitalization of $2.83 billion, a PE ratio of 10.14 and a beta of 1.98. The firm has a 50 day moving average price of $2.65 and a 200-day moving average price of $2.43.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Boothbay Fund Management LLC bought a new position in Companhia Energetica de Minas Gerais during the first quarter worth $115,000. BNP Paribas Arbitrage SA increased its position in 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 worth $634,000 after buying an additional 39,566 shares in the last quarter. NN Investment Partners Holdings N.V. increased its position in Companhia Energetica de Minas Gerais by 54.7% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,610,018 shares of the company’s stock worth $3,558,000 after buying an additional 569,306 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Companhia Energetica de Minas Gerais by 2.9% in the second quarter. Daiwa Securities Group Inc. now owns 409,400 shares of the company’s stock worth $905,000 after buying an additional 11,500 shares in the last quarter. Finally, Deltec Asset Management LLC increased its position in Companhia Energetica de Minas Gerais by 300.0% in the second quarter. Deltec Asset Management LLC now owns 160,000 shares of the company’s stock worth $354,000 after buying an additional 120,000 shares in the last quarter. 2.98% of the stock is owned by hedge funds and other institutional investors.

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.

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