CEMIG (NYSE:CIG) Shares Gap Down – Here’s Why

Shares of CEMIG (NYSE:CIG) gapped down prior to trading on Tuesday . The stock had previously closed at $1.76, but opened at $1.71. CEMIG shares last traded at $1.75, with a volume of 1,804,118 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CIG. Hsbc Global Res upgraded CEMIG to a “hold” rating in a report on Friday, January 10th. Bank of America downgraded CEMIG from a “neutral” rating to an “underperform” rating in a report on Tuesday. Finally, HSBC lowered CEMIG from a “buy” rating to a “hold” rating in a research note on Friday, January 10th.

CEMIG Trading Down 1.4 %

The firm’s 50 day simple moving average is $1.88 and its two-hundred day simple moving average is $1.91. The stock has a market capitalization of $4.97 billion, a P/E ratio of 3.24 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.

CEMIG Cuts Dividend

The company also recently announced a dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 31st were given a $0.033 dividend. 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.