5 Undervalued Defensive Stocks For 2024

2. Companhia Energética de Minas Gerais – CEMIG (NYSE:CIG)

PE ratio as of December 22 market close: 4.59

Number of Hedge Fund Holders: 15

Companhia Energética de Minas Gerais – CEMIG (NYSE:CIG) is a Brazilian integrated energy company engaged in the generation, transmission, and distribution of electricity.

Companhia Energética de Minas Gerais – CEMIG (NYSE:CIG)’s latest dividend of $0.1215 is payable by December 29 to the shareholders of record on December 26.

On November 10, Companhia Energética de Minas Gerais – CEMIG (NYSE:CIG) announced its third-quarter earnings result with revenue of R$9.43 billion, which grew 2.3% year-over-year (YoY). In the quarter, the adjusted net profit was R$1.23 billion, an increase of 20% YoY.

Companhia Energética de Minas Gerais – CEMIG (NYSE:CIG)’s stock was held by 15 hedge funds in the third quarter. The most significant stakeholder was Nathaniel August’s Mangrove Partners, with 7.95 million shares worth $19.246 million.

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