Gerdau SA (GGB) Trading 3.5% Higher
Gerdau SA (NYSE:GGB)’s share price traded up 3.5% during mid-day trading on Tuesday . The company traded as high as $2.68 and last traded at $2.63, with a volume of 8,480,340 shares trading hands. The stock had previously closed at $2.54.
A number of equities analysts have recently issued reports on the stock. Bank of America Corp. reiterated a “buy” rating on shares of Gerdau SA in a research note on Sunday, May 22nd. Credit Suisse Group AG upgraded shares of Gerdau SA from a “neutral” rating to an “outperform” rating in a research note on Thursday, August 4th. Finally, Zacks Investment Research downgraded shares of Gerdau SA from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $5.65.
The firm’s 50 day moving average is $2.04 and its 200 day moving average is $1.67. The stock’s market capitalization is $4.35 billion.
A hedge fund recently raised its stake in Gerdau SA stock. Boston Partners boosted its position in Gerdau SA (NYSE:GGB) by 20.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,200,000 shares of the company’s stock after buying an additional 200,000 shares during the period. Boston Partners owned about 0.07% of Gerdau SA worth $1,440,000 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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