Gerdau SA (GGB) Trading Down 4.7%
Gerdau SA (NYSE:GGB) shares dropped 4.7% on Tuesday . The stock traded as low as $2.25 and last traded at $2.25, with a volume of 6,051,946 shares trading hands. The stock had previously closed at $2.36.
GGB has been the topic of several analyst reports. Zacks Investment Research downgraded Gerdau SA from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. Bank of America Corp. reiterated a “buy” rating on shares of Gerdau SA in a research note on Sunday, May 22nd.
The company’s 50 day moving average is $1.94 and its 200-day moving average is $1.63. The firm’s market capitalization is $3.80 billion.
An institutional investor recently raised its position in Gerdau SA stock. BNP Paribas Arbitrage SA raised its stake in Gerdau SA (NYSE:GGB) by 10.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,536,233 shares of the company’s stock after buying an additional 245,798 shares during the period. BNP Paribas Arbitrage SA owned about 0.15% of Gerdau SA worth $3,043,000 as of its most recent SEC filing.
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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