Gerdau S.A. (GGB) Shares Gap Up to $3.70
Shares of Gerdau S.A. (NYSE:GGB) gapped up before the market opened on Thursday . The stock had previously closed at $3.62, but opened at $3.70. Gerdau shares last traded at $3.71, with a volume of 8,072,126 shares.
A number of analysts have weighed in on the company. J P Morgan Chase & Co upgraded Gerdau from a “neutral” rating to an “overweight” rating in a report on Friday. BidaskClub lowered Gerdau from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Zacks Investment Research raised Gerdau from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Monday, August 28th. Finally, Scotiabank raised Gerdau from an “underperform” rating to a “sector perform” rating in a research report on Friday, June 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. Gerdau currently has an average rating of “Hold” and a consensus target price of $4.00.
The firm’s market cap is $6.72 billion. The stock has a 50-day moving average price of $3.50 and a 200 day moving average price of $3.36.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Thursday, August 24th will be given a $0.005 dividend. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $0.02 dividend on an annualized basis and a yield of 0.51%. Gerdau’s dividend payout ratio (DPR) is presently -3.23%.
A number of large investors have recently made changes to their positions in the stock. Global X Management Co. LLC boosted 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 worth $111,000 after buying an additional 589 shares during the period. Stevens Capital Management LP bought a new stake in shares of Gerdau during the second quarter worth $104,000. Envestnet Asset Management Inc. boosted 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 worth $144,000 after buying an additional 2,236 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Gerdau by 108.5% in the second quarter. Lazard Asset Management LLC now owns 41,700 shares of the basic materials company’s stock worth $127,000 after buying an additional 21,700 shares during the period. Finally, Tower Research Capital LLC TRC bought a new stake in shares of Gerdau during the second quarter worth $152,000. 5.32% of the stock is owned by hedge funds and other institutional investors.
Gerdau Company Profile
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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