Gerdau S.A. (NYSE:GGB)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $3.80, but opened at $3.98. Gerdau shares last traded at $4.09, with a volume of 4,565,061 shares changing hands.

Several brokerages recently weighed in on GGB. Zacks Investment Research downgraded shares of Gerdau from a “buy” rating to a “hold” rating in a research report on Tuesday. J P Morgan Chase & Co raised shares of Gerdau from a “neutral” rating to an “overweight” rating in a research report on Friday, September 1st. BidaskClub downgraded shares of Gerdau from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Scotiabank raised shares of 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 given a hold rating and one has assigned a buy rating to the stock. Gerdau has an average rating of “Hold” and a consensus price target of $4.25.

The firm’s 50 day moving average is $3.52 and its 200 day moving average is $3.33. The stock’s market capitalization is $6.97 billion.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Thursday, August 24th will be given a $0.005 dividend. This represents a $0.02 annualized dividend and a yield of 0.49%. The ex-dividend date is Tuesday, August 22nd. Gerdau’s dividend payout ratio (DPR) is -3.23%.

Large investors have recently modified their holdings of the business. Global X Management Co. LLC grew its position in Gerdau by 6.2% in the second quarter. Global X Management Co. LLC now owns 34,134 shares of the basic materials company’s stock valued at $104,000 after acquiring an additional 1,997 shares in the last quarter. Stevens Capital Management LP acquired a new stake in Gerdau in the second quarter valued at approximately $104,000. Lazard Asset Management LLC grew its position in Gerdau by 108.5% in the second quarter. Lazard Asset Management LLC now owns 41,700 shares of the basic materials company’s stock valued at $127,000 after acquiring an additional 21,700 shares in the last quarter. Envestnet Asset Management Inc. grew its position in 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 acquiring an additional 2,236 shares in the last quarter. Finally, Tower Research Capital LLC TRC acquired a new stake in Gerdau in the second quarter valued at approximately $152,000. 5.32% of the stock is owned by 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.

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