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

CEMIG (NYSE:CIG) saw a large decrease in short interest in the month of March. As of March 15th, there was short interest totalling 1,730,000 shares, a decrease of 13.9% from the February 28th total of 2,010,000 shares. Currently, 0.1% of the company’s shares are short sold. Based on an average trading volume of 2,840,000 shares, the days-to-cover ratio is presently 0.6 days.

CEMIG Price Performance

NYSE:CIG traded up $0.04 during trading hours on Thursday, hitting $1.76. 1,836,429 shares of the stock traded hands, compared to its average volume of 2,297,865. The company has a market cap of $5.05 billion, a price-to-earnings ratio of 3.29 and a beta of 1.30. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.35. The stock has a 50 day moving average price of $1.88 and a 200 day moving average price of $1.91. CEMIG has a 1 year low of $1.69 and a 1 year high of $2.19.

CEMIG Cuts Dividend

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

Wall Street Analyst Weigh In

CIG has been the subject of a number of analyst reports. Hsbc Global Res raised CEMIG to a “hold” rating in a research note on Friday, January 10th. Bank of America lowered CEMIG from a “neutral” rating to an “underperform” rating in a research report on Tuesday. Finally, HSBC cut shares of CEMIG from a “buy” rating to a “hold” rating in a research note on Friday, January 10th.

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.