Gerdau SA (GGB) Trading Up 5.8%
Gerdau SA (NYSE:GGB) shares rose 5.8% during mid-day trading on Wednesday . The stock traded as high as $2.38 and last traded at $2.38, with a volume of 7,105,660 shares. The stock had previously closed at $2.25.
GGB has been the subject of several analyst reports. Zacks Investment Research cut shares of Gerdau SA from a “buy” rating to a “hold” rating in a report on Monday, July 25th. Bank of America Corp. restated a “buy” rating on shares of Gerdau SA in a research report on Sunday, May 22nd.
The company’s market cap is $4.02 billion. The firm has a 50-day moving average of $1.97 and a 200 day moving average of $1.64.
A hedge fund recently raised its stake in Gerdau SA stock. BNP Paribas Arbitrage SA increased its stake in shares of Gerdau SA (NYSE:GGB) by 10.7% during the fourth quarter, according to its most recent disclosure with the 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 approximately 0.15% of Gerdau SA worth $3,043,000 as of its most recent filing with the SEC.
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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