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

CEMIG (NYSE:CIG) was the target of a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 1,320,000 shares, a decrease of 8.3% from the March 15th total of 1,440,000 shares. Based on an average trading volume of 2,570,000 shares, the days-to-cover ratio is presently 0.5 days.

CEMIG Stock Performance

CIG stock traded up $0.02 during trading on Wednesday, hitting $2.42. 3,731,261 shares of the company traded hands, compared to its average volume of 2,553,364. CEMIG has a 1 year low of $2.11 and a 1 year high of $2.75. The company has a 50-day moving average of $2.38 and a 200-day moving average of $2.36. The firm has a market capitalization of $5.33 billion, a PE ratio of 5.21 and a beta of 1.24.

CEMIG Cuts Dividend

The firm also recently announced a dividend, which was paid on Wednesday, March 27th. Shareholders of record on Monday, April 1st were paid a dividend of $0.0352 per share. The ex-dividend date of this dividend was Thursday, March 28th. CEMIG’s dividend payout ratio is 41.30%.

Hedge Funds Weigh In On CEMIG

A hedge fund recently raised its stake in CEMIG stock. Marshall Wace LLP lifted its position in CEMIG (NYSE:CIG) by 66.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,533,362 shares of the utilities provider’s stock after purchasing an additional 1,410,006 shares during the period. Marshall Wace LLP owned 0.16% of CEMIG worth $7,173,000 at the end of the most recent quarter.

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.