Gerdau SA (GGB) Trading Up 7.2%
Shares of Gerdau SA (NYSE:GGB) were up 7.2% 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 analysts recently weighed in on GGB shares. Zacks Investment Research raised shares of Gerdau SA from a “hold” rating to a “buy” rating and set a $3.00 price objective on the stock in a research report on Thursday, August 11th. Bank of America Corp. reissued a “buy” rating on shares of Gerdau SA in a research report on Sunday, May 22nd. Finally, Credit Suisse Group AG raised shares of Gerdau SA from a “neutral” rating to an “outperform” rating in a research report on Thursday, August 4th.
The company’s market cap is $5.08 billion. The company has a 50-day moving average price of $2.23 and a 200 day moving average price of $1.76.
The firm also recently declared a dividend, which will be paid on Monday, September 12th. Investors of record on Thursday, August 25th will be given a dividend of $0.008 per share. The ex-dividend date is Tuesday, August 23rd.
A hedge fund recently raised its stake in Gerdau SA stock. BNP Paribas Arbitrage SA raised its position in 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 fund 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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