Gerdau SA (GGB) Trading Down 5.6%
Gerdau SA (NYSE:GGB) shares dropped 5.6% on Monday . The company traded as low as $2.51 and last traded at $2.52, with a volume of 12,184,283 shares changing hands. The stock had previously closed at $2.67.
GGB has been the topic of a number of recent research reports. Bank of America Corp. reaffirmed a “buy” rating on shares of Gerdau SA in a research report on Sunday, May 22nd. Zacks Investment Research cut shares of Gerdau SA from a “buy” rating to a “hold” rating in a research report on Monday, July 25th. Finally, Credit Suisse Group AG raised shares of Gerdau SA from a “neutral” rating to an “outperform” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Gerdau SA has an average rating of “Hold” and an average price target of $5.65.
The company has a 50-day moving average price of $2.02 and a 200-day moving average price of $1.65. The stock’s market cap is $4.29 billion.
An institutional investor recently raised its position in Gerdau SA stock. Boston Partners boosted its position in shares of Gerdau SA (NYSE:GGB) by 20.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,200,000 shares of the company’s stock after buying an additional 200,000 shares during the period. Boston Partners owned approximately 0.07% of Gerdau SA worth $1,440,000 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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