Gerdau SA (GGB) Hits New 12-Month High at $2.78
Gerdau SA (NYSE:GGB) hit a new 52-week high on Wednesday . The company traded as high as $2.78 and last traded at $2.69, with a volume of 12,329,826 shares. The stock had previously closed at $2.58.
GGB has been the topic of a number of recent research reports. Zacks Investment Research cut shares of Gerdau SA from a “buy” rating to a “hold” rating in a report on Monday, July 25th. Credit Suisse Group AG upgraded shares of Gerdau SA from a “neutral” rating to an “outperform” rating in a report on Thursday, August 4th. Finally, Bank of America Corp. reiterated a “buy” rating on shares of Gerdau SA in a report on Sunday, May 22nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $5.65.
The stock’s market cap is $4.56 billion. The company’s 50 day moving average price is $2.07 and its 200-day moving average price is $1.69.
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 Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 approximately 0.15% of Gerdau SA worth $3,043,000 as of its most recent filing with the SEC.
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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