Gerdau SA (GGB) Shares Down 3.2%
Shares of Gerdau SA (NYSE:GGB) were down 3.2% on Monday . The company traded as low as $3.01 and last traded at $3.04, with a volume of 7,512,818 shares traded. The stock had previously closed at $3.14.
GGB has been the topic of several recent analyst reports. Zacks Investment Research lowered Gerdau SA from a “buy” rating to a “hold” rating in a report on Monday, July 25th. Credit Suisse Group AG raised Gerdau SA from a “neutral” rating to an “outperform” rating in a report on Thursday, August 4th. Morgan Stanley raised Gerdau SA from an “equal weight” rating to an “overweight” rating in a report on Thursday. Finally, Bank of America Corp. reissued a “buy” rating on shares of Gerdau SA in a report on Sunday, May 22nd. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $6.00.
The company’s 50-day moving average is $2.35 and its 200-day moving average is $1.79. The firm’s market cap is $5.08 billion.
The business also recently declared 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 increased its position in shares of Gerdau SA (NYSE:GGB) by 10.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the SEC.
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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