Gerdau SA (GGB) Hits New 12-Month High at $3.09
Gerdau SA (NYSE:GGB) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $3.09 and last traded at $3.04, with a volume of 7,159,675 shares. The stock had previously closed at $3.00.
A number of research firms have recently commented on GGB. Zacks Investment Research upgraded shares of Gerdau SA from a “hold” rating to a “buy” rating and set a $3.00 price target on the stock in a report on Thursday, August 11th. Credit Suisse Group AG upgraded shares of Gerdau SA from a “neutral” rating to an “outperform” rating in a report on Thursday, August 4th. Finally, Bank of America Corp. restated a “buy” rating on shares of Gerdau SA in a report on Sunday, May 22nd.
The firm’s market capitalization is $5.13 billion. The firm has a 50 day moving average price of $2.19 and a 200-day moving average price of $1.75.
The company also recently disclosed 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 of this dividend is Tuesday, August 23rd.
An institutional investor recently raised its position in Gerdau SA stock. BNP Paribas Arbitrage SA boosted its position in shares of Gerdau SA (NYSE:GGB) by 10.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (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 0.15% of Gerdau SA worth $3,043,000 at the end of the most recent quarter.
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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