Gerdau SA (GGB) Reaches New 52-Week High at $2.78
Gerdau SA (NYSE:GGB)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $2.78 and last traded at $2.69, with a volume of 12,329,826 shares trading hands. The stock had previously closed at $2.58.
A number of equities analysts have recently weighed in on the company. Bank of America Corp. restated a “buy” rating on shares of Gerdau SA in a research note on Sunday, May 22nd. Zacks Investment Research downgraded Gerdau SA from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. Finally, Credit Suisse Group AG upgraded Gerdau SA from a “neutral” rating to an “outperform” rating in a research note on Thursday, August 4th.
The firm’s market cap is $4.82 billion. The firm has a 50-day moving average price of $2.13 and a 200 day moving average price of $1.70.
A hedge fund recently raised its stake in Gerdau SA stock. BNP Paribas Arbitrage SA increased its position in Gerdau SA (NYSE:GGB) by 10.7% during the fourth quarter, according to its most recent disclosure 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 at the end of the most recent reporting 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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