Gerdau SA (NYSE:GGB) shares shot up 7.2% during trading on Monday . The company traded as high as $2.99 and last traded at $2.99, with a volume of 6,068,583 shares traded. The stock had previously closed at $2.79.

A number of brokerages recently commented on GGB. Zacks Investment Research upgraded Gerdau SA from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research note on Thursday. Credit Suisse Group AG upgraded Gerdau SA from a “neutral” rating to an “outperform” rating in a research note on Thursday, August 4th. Finally, Bank of America Corp. restated a “buy” rating on shares of Gerdau SA in a research note on Sunday, May 22nd.

The firm’s market capitalization is $5.15 billion. The stock has a 50-day moving average of $2.16 and a 200-day moving average of $1.72.

The firm also recently announced a dividend, which will be paid on Monday, September 12th. Shareholders of record on Thursday, August 25th will be issued a $0.008 dividend. The ex-dividend date of this dividend is Tuesday, August 23rd.

An institutional investor recently raised its position in Gerdau SA stock. BNP Paribas Arbitrage SA raised its position in shares of Gerdau SA (NYSE:GGB) by 10.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 0.15% of Gerdau SA worth $3,043,000 at the end of the most recent 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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