Daiwa Securities Group Inc. decreased its stake in shares of Gerdau S.A. (NYSE:GGB) by 9.6% during the second quarter, Holdings Channel reports. The institutional investor owned 556,100 shares of the basic materials company’s stock after selling 58,800 shares during the period. Daiwa Securities Group Inc.’s holdings in Gerdau were worth $1,696,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Global X Management Co. LLC raised its stake in shares of Gerdau by 1.9% in the first quarter. Global X Management Co. LLC now owns 32,137 shares of the basic materials company’s stock valued at $111,000 after buying an additional 589 shares in the last quarter. Wright Investors Service Inc. acquired a new stake in shares of Gerdau during the first quarter valued at about $113,000. AQR Capital Management LLC raised its stake in shares of Gerdau by 5.8% in the fourth quarter. AQR Capital Management LLC now owns 38,761 shares of the basic materials company’s stock valued at $122,000 after buying an additional 2,111 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Gerdau by 5.7% in the first quarter. Envestnet Asset Management Inc. now owns 41,695 shares of the basic materials company’s stock valued at $144,000 after buying an additional 2,236 shares in the last quarter. Finally, Comerica Bank raised its stake in shares of Gerdau by 1.5% in the first quarter. Comerica Bank now owns 65,710 shares of the basic materials company’s stock valued at $196,000 after buying an additional 982 shares in the last quarter. 4.95% of the stock is owned by hedge funds and other institutional investors.

Shares of Gerdau S.A. (GGB) opened at 3.55 on Thursday. The stock’s 50 day moving average price is $3.28 and its 200 day moving average price is $3.40. Gerdau S.A. has a 12 month low of $2.47 and a 12 month high of $4.39. The stock’s market capitalization is $6.07 billion.

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Several equities research analysts have recently issued reports on GGB shares. BidaskClub raised Gerdau from a “hold” rating to a “buy” rating in a research report on Tuesday, July 11th. Zacks Investment Research raised Gerdau from a “hold” rating to a “buy” rating and set a $3.25 target price for the company in a research report on Tuesday, June 27th. Finally, Scotiabank raised Gerdau from an “underperform” rating to a “sector perform” rating in a research report on Friday, June 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $3.25.

About Gerdau

Gerdau SA (Gerdau) is a manufacturer of long steel in the North and South America. The Company is engaged in the production and commercialization of steel products in general, through its mills located in Argentina, Brazil, Canada, Chile, Colombia, Spain, the United States, Guatemala, India, Mexico, Peru, the Dominican Republic, Uruguay and Venezuela.

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Institutional Ownership by Quarter for Gerdau (NYSE:GGB)

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