Gerdau SA (GGB) Trading Up 8%
Gerdau SA (NYSE:GGB) was up 8% on Tuesday . The stock traded as high as $2.03 and last traded at $2.03, with a volume of 13,831,878 shares trading hands. The stock had previously closed at $1.88.
A number of research analysts have recently commented on the stock. Zacks Investment Research cut shares of Gerdau SA from a “hold” rating to a “sell” rating in a report on Tuesday, March 29th. Bank of America Corp. restated a “buy” rating on shares of Gerdau SA in a report on Sunday, May 22nd.
The stock has a 50-day moving average of $1.74 and a 200 day moving average of $1.51. The firm’s market cap is $3.51 billion.
Several institutional investors recently made changes to their positions in GGB. Boston Partners increased its position in shares of Gerdau SA by 20.0% in the fourth quarter. Boston Partners now owns 1,200,000 shares of the company’s stock worth $1,440,000 after buying an additional 200,000 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Gerdau SA by 10.7% in the fourth quarter. BNP Paribas Arbitrage SA now owns 2,536,233 shares of the company’s stock worth $3,043,000 after buying an additional 245,798 shares during the period. Finally, Russell Frank Co increased its position in shares of Gerdau SA by 737.0% in the fourth quarter. Russell Frank Co now owns 4,383,030 shares of the company’s stock worth $5,216,000 after buying an additional 3,859,386 shares during the period.
Gerdau SA (Gerdau) is a producer of long rolled steel. The Company operates in five segments: Brazil (Brazil Business Operation), which includes the steel operations in Brazil (except special steel) and the metallurgical and coking coal operation in Colombia; North America (North America Business Operation), which includes all North American operations, except Mexico and special steel; Latin America (Latin America Business Operation), which includes all Latin American operations, except the operations in Brazil and the metallurgical and coking coal operations in Colombia; Special Steel (Special Steel Business Operation), which includes the special steel operations in Brazil, Spain, the United States and India, and Iron Ore (Iron Ore Business Operation), which includes the iron ore operations in Brazil.
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