Gerdau SA (GGB) Trading 3.5% Higher
Gerdau SA (NYSE:GGB) shares traded up 3.5% on Tuesday . The company traded as high as $2.68 and last traded at $2.63, with a volume of 8,480,340 shares traded. The stock had previously closed at $2.54.
A number of research analysts have weighed in on the stock. 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. Zacks Investment Research lowered shares of Gerdau SA from a “buy” rating to a “hold” rating in a research report on Monday, July 25th. Finally, Bank of America Corp. reissued a “buy” rating on shares of Gerdau SA in a research report on Sunday, May 22nd.
The stock has a 50-day moving average of $2.10 and a 200-day moving average of $1.69. The company’s market cap is $4.56 billion.
An institutional investor recently raised its position in Gerdau SA stock. BNP Paribas Arbitrage SA increased its stake in Gerdau SA (NYSE:GGB) by 10.7% during the fourth quarter, according to its most recent disclosure 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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