BlackRock 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 3.94% to 39.22 million shares with purchase of 1.49 million shares. This fresh investment now brings its stake to 2.68% valued currently at $85.88 million. In addition, BlackRock Fund Advisors raised its holdings by 2.35 million to 37.71 million shares. And The Vanguard Group, Inc. has lifted its position by 3.26% or 0.27 million shares – to 8.58 million shares.
With over 4.78 million Companhia Energetica de Minas Gerais (CIG) shares trading Tuesday and a closing price of $2.14 on the day, the dollar volume was approximately $10.22 million. The shares have shown a negative half year performance of -11.54% and its price on 11/29/22 gained nearly 3.88%. Currently, there are 2.20B common shares owned by the public and among those 1.76B 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: 9 analysts who have offered their price forecasts for CIG have a consensus price objective of $2.14. The analysts have set the share’s price value over the next 12 months at a high of $2.14 and a low of $2.14.
The top 3 mutual fund holders in Companhia Energetica de Minas Gerais are GS Funds – Emerging Markets CORE, Goldman Sachs Emerging Markets Eq, and Celsius Invt. Fd. SICAV – Sustain. GS Funds – Emerging Markets CORE owns 12.27 million shares of the company’s stock, all valued at over $26.87 million. The company sold -0.21 million shares recently to bring their total holdings to about 0.84% of the shares outstanding. Goldman Sachs Emerging Markets Eq bought 0.64 million shares to see its total holdings expand to 7.34 million shares valued at over $16.07 million and representing 0.50% of the shares outstanding. Celsius Invt. Fd. SICAV – Sustain now owns shares totaling to 0.47% of the shares outstanding.
Shares of Companhia Energetica de Minas Gerais (NYSE: CIG) opened at $2.08, up $0.02 from a prior closing price of $2.06. However, the script later moved the day high at 2.1500, up 3.88%. The company’s stock has a 5-day price change of 2.88% and -8.20% over the past three months. CIG shares are trading 16.89% year to date (YTD), with the 12-month market performance up to 22.58% higher. It has a 12-month low price of $1.62 and touched a high of $2.57 over the same period. CIG has an average intraday trading volume of 8.73 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 2.22%, 1.32%, and -0.94% respectively.
Institutional ownership of Companhia Energetica de Minas Gerais (NYSE: CIG) shares accounts for 21.90% of the company’s 2.20B shares outstanding. Mutual fund holders own 12.42%, while other institutional holders and individual stakeholders account for 5.50% and — respectively.
It has a market capitalization of $5.71B and a beta (3y monthly) value of 0.69. The stock’s trailing 12-month PE ratio is 6.93, while the earnings-per-share (ttm) stands at $0.31. The company has a debt-to-equity ratio at 0.55. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.90% over the week and 4.09% 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 $0.19 for 2022. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0. Earnings per share for the fiscal year are expected to increase by 0.80%, and -64.30% over the next financial year. EPS should shrink at an annualized rate of 0.00% over the next five years, compared to 50.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate Companhia Energetica de Minas Gerais (CIG) as a “Hold” at a consensus score of 3.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 7 of the 9 advise that investors “hold,” and 1 rated it as a “Sell.”
UBS on their part issued Neutral rating on October 18, 2018.