CEMIG (NYSE:CIG) Sees Significant Drop in Short Interest

CEMIG (NYSE:CIG - Get Free Report) saw a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 1,730,000 shares, a decline of 13.9% from the February 28th total of 2,010,000 shares. Based on an average daily volume of 2,840,000 shares, the days-to-cover ratio is currently 0.6 days. Currently, 0.1% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Hsbc Global Res raised shares of CEMIG to a "hold" rating in a research note on Friday, January 10th. HSBC lowered CEMIG from a "buy" rating to a "hold" rating in a research note on Friday, January 10th. Finally, Bank of America downgraded CEMIG from a "neutral" rating to an "underperform" rating in a research note on Tuesday, April 1st.

CEMIG Trading Down 3.8 %

CIG stock traded down $0.07 during trading on Monday, hitting $1.63. The company had a trading volume of 2,922,393 shares, compared to its average volume of 2,305,337. The stock has a market cap of $4.65 billion, a PE ratio of 3.05 and a beta of 1.01. The business has a 50-day moving average of $1.88 and a 200-day moving average of $1.90. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35. CEMIG has a one year low of $1.63 and a one year high of $2.19.

CEMIG Cuts Dividend

The firm also recently declared a dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 31st were issued a dividend of $0.033 per share. The ex-dividend date was Monday, March 31st. CEMIG's payout ratio is 25.93%.

CEMIG Company Profile

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.