Gerdau SA (GGB) Reaches New 52-Week High at $3.09
Gerdau SA (NYSE:GGB)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $3.09 and last traded at $3.04, with a volume of 7,159,675 shares trading hands. The stock had previously closed at $3.00.
Several equities research analysts recently issued reports on the company. Bank of America Corp. reiterated a “buy” rating on shares of Gerdau SA in a report on Sunday, May 22nd. Zacks Investment Research upgraded Gerdau SA from a “hold” rating to a “buy” rating and set a $3.00 price objective on the stock in a report on Thursday, August 11th. Finally, Credit Suisse Group AG upgraded Gerdau SA from a “neutral” rating to an “outperform” rating in a report on Thursday, August 4th.
The stock has a 50 day moving average of $2.27 and a 200-day moving average of $1.77. The stock’s market cap is $5.22 billion.
The firm also recently announced a dividend, which will be paid on Monday, September 12th. Stockholders of record on Thursday, August 25th will be paid 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 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 firm 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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