Gerdau SA (GGB) Sees Large Volume Increase
Shares of Gerdau SA (NYSE:GGB) saw an uptick in trading volume on Thursday . 14,999,319 shares traded hands during mid-day 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 brokerages recently commented on GGB. Bank of America Corp. reaffirmed a “buy” rating on shares of Gerdau SA in a research report on Sunday, May 22nd. Zacks Investment Research raised 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 raised Gerdau SA from a “neutral” rating to an “outperform” rating in a research report on Thursday, August 4th. Finally, Morgan Stanley raised Gerdau SA from an “equal weight” rating to an “overweight” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $6.00.
The company’s market capitalization is $5.39 billion. The stock’s 50-day moving average price is $2.35 and its 200 day moving average price is $1.79.
The business also recently disclosed a dividend, which will be paid on Monday, September 12th. Stockholders of record on Thursday, August 25th will be paid a dividend of $0.008 per share. 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 increased its position in Gerdau SA (NYSE:GGB) by 10.7% during the fourth quarter, according to its most recent 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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