Gerdau S.A. (NYSE:GGB) 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 traded.

GGB has been the topic of a number of research reports. Scotiabank upgraded Gerdau from an “underperform” rating to a “sector perform” rating in a research report on Friday, June 9th. BidaskClub upgraded Gerdau from a “sell” rating to a “hold” rating in a research report on Saturday, June 24th. Zacks Investment Research upgraded Gerdau from a “hold” rating to a “buy” rating and set a $3.25 price objective on the stock in a research report on Tuesday, June 27th. Finally, J P Morgan Chase & Co upgraded Gerdau from a “neutral” rating to an “overweight” rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Gerdau currently has an average rating of “Hold” and an average target price of $4.25.

The firm has a 50 day moving average price of $3.56 and a 200 day moving average price of $3.34. The stock’s market cap is $6.90 billion.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Thursday, August 24th will be given a dividend of $0.005 per share. The ex-dividend date is Tuesday, August 22nd. This represents a $0.02 dividend on an annualized basis and a yield of 0.50%. Gerdau’s payout ratio is -3.23%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global X Management Co. LLC raised its position in Gerdau by 6.2% during 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 purchasing an additional 1,997 shares in the last quarter. Stevens Capital Management LP purchased a new stake in Gerdau during the second quarter valued at about $104,000. Lazard Asset Management LLC raised its position in Gerdau by 108.5% during the second quarter. Lazard Asset Management LLC now owns 41,700 shares of the basic materials company’s stock valued at $127,000 after purchasing an additional 21,700 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Gerdau by 5.7% during the first quarter. Envestnet Asset Management Inc. now owns 41,695 shares of the basic materials company’s stock valued at $144,000 after purchasing an additional 2,236 shares in the last quarter. Finally, Tower Research Capital LLC TRC purchased a new stake in Gerdau during the second quarter valued at about $152,000. Institutional investors and hedge funds own 5.32% of the company’s stock.

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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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