Gerdau SA (GGB) Shares Up 7%
Gerdau SA (NYSE:GGB) shot up 7% during trading on Monday . The company traded as high as $2.89 and last traded at $2.89, with a volume of 13,658,699 shares changing hands. The stock had previously closed at $2.70.
A number of research firms recently commented on GGB. 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 for the company in a report on Thursday, August 11th. Credit Suisse Group AG upgraded Gerdau SA from a “neutral” rating to an “outperform” rating in a report on Thursday, August 4th. Finally, Morgan Stanley upgraded Gerdau SA from an “equal weight” rating to an “overweight” rating in a report on Thursday, August 18th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Gerdau SA has an average rating of “Buy” and a consensus price target of $3.00.
The stock’s 50-day moving average price is $2.58 and its 200-day moving average price is $1.91. The firm’s market capitalization is $4.96 billion.
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 is Tuesday, August 23rd.
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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