Gerdau SA (GGB) Shares Gap Up to $2.29
Gerdau SA (NYSE:GGB)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $2.26, but opened at $2.29. Gerdau SA shares last traded at $2.36, with a volume of 8,412,513 shares traded.
Several equities analysts have commented on GGB shares. Zacks Investment Research downgraded shares of Gerdau SA from a “hold” rating to a “sell” rating in a research report on Tuesday, March 29th. Bank of America Corp. reissued a “buy” rating on shares of Gerdau SA in a research report on Sunday, May 22nd.
The stock’s market capitalization is $3.97 billion. The stock’s 50 day moving average price is $1.88 and its 200-day moving average price is $1.58.
Several institutional investors have recently made changes to their positions in GGB. Boston Partners boosted 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. Russell Frank Co boosted its stake in Gerdau SA by 737.0% in the fourth quarter. Russell Frank Co now owns 4,383,030 shares of the company’s stock valued at $5,216,000 after buying an additional 3,859,386 shares in the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in Gerdau SA by 10.7% in the fourth quarter. BNP Paribas Arbitrage SA now owns 2,536,233 shares of the company’s stock valued at $3,043,000 after buying an additional 245,798 shares in the last quarter.
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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