Gerdau SA (GGB) Sees Large Volume Increase
Shares of Gerdau SA (NYSE:GGB) saw strong trading volume on Thursday . 14,999,319 shares traded hands during trading, an increase of 14% from the previous session’s volume of 13,163,070 shares.The stock last traded at $3.15 and had previously closed at $3.04.
Several analysts have recently weighed in on the company. Morgan Stanley upgraded Gerdau SA from an “equal weight” rating to an “overweight” rating in a research report on Thursday. Zacks Investment Research upgraded Gerdau SA from a “hold” rating to a “buy” rating and set a $3.00 target price for the company in a research report on Thursday, August 11th. Credit Suisse Group AG upgraded Gerdau SA from a “neutral” rating to an “outperform” rating in a research report on Thursday, August 4th. Finally, Bank of America Corp. reiterated a “buy” rating on shares of Gerdau SA in a research report on Sunday, May 22nd. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Gerdau SA currently has an average rating of “Buy” and an average price target of $6.00.
The stock’s market capitalization is $5.41 billion. The firm’s 50 day moving average is $2.31 and its 200-day moving average is $1.78.
The company also recently disclosed a dividend, which will be paid on Monday, September 12th. Investors of record on Thursday, August 25th will be paid a $0.008 dividend. The ex-dividend date is Tuesday, August 23rd.
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 Form 13F filing 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 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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