Gerdau S.A. (NYSE:GGB)’s share price shot up 5.9% on Friday . The company traded as high as $4.01 and last traded at $3.93, with a volume of 18,830,317 shares traded. The stock had previously closed at $3.71.

A number of research firms have recently weighed in on GGB. J P Morgan Chase & Co raised shares of Gerdau from a “neutral” rating to an “overweight” rating in a research note on Friday. Zacks Investment Research lowered shares of Gerdau from a “buy” rating to a “hold” rating in a research report on Tuesday, August 29th. BidaskClub lowered shares of Gerdau from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Scotiabank upgraded shares of 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 one has assigned a buy rating to the company. Gerdau has an average rating of “Hold” and a consensus price target of $4.00.

The stock’s market cap is $6.72 billion. The stock’s 50-day moving average price is $3.50 and its 200-day moving average price is $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 paid 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 is currently -3.23%.

Institutional investors have recently modified their holdings of the company. Quantbot Technologies LP acquired a new stake in shares of Gerdau during the first quarter worth approximately $298,000. 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 worth $144,000 after buying an additional 2,236 shares during the last quarter. Parkwood LLC raised its stake in shares of Gerdau by 47.3% in the first quarter. Parkwood LLC now owns 150,278 shares of the basic materials company’s stock worth $518,000 after buying an additional 48,278 shares during the last quarter. Karp Capital Management Corp acquired a new stake in shares of Gerdau during the first quarter worth approximately $289,000. Finally, World Asset Management Inc raised its stake in shares of Gerdau by 0.5% in the first quarter. World Asset Management Inc now owns 71,106 shares of the basic materials company’s stock worth $245,000 after buying an additional 386 shares during the last quarter. 5.32% of the stock is currently owned by hedge funds and other institutional investors.

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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.