BT Investment Management Ltd Buys New Stake in Gerdau S.A. (GGB)
BT Investment Management Ltd bought a new position in shares of Gerdau S.A. (NYSE:GGB) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 10,759,810 shares of the basic materials company’s stock, valued at approximately $32,817,000. BT Investment Management Ltd owned 0.94% of Gerdau at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Alliancebernstein L.P. grew its position in shares of Gerdau by 48.0% in the 2nd quarter. Alliancebernstein L.P. now owns 787,385 shares of the basic materials company’s stock valued at $2,402,000 after purchasing an additional 255,386 shares during the period. Private Advisor Group LLC acquired a new position in shares of Gerdau in the 2nd quarter valued at approximately $253,000. JPMorgan Chase & Co. grew its position in shares of Gerdau by 18.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,863,955 shares of the basic materials company’s stock valued at $20,934,000 after purchasing an additional 1,052,535 shares during the period. Commerzbank Aktiengesellschaft FI grew its position in shares of Gerdau by 32.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 305,584 shares of the basic materials company’s stock valued at $932,000 after purchasing an additional 74,974 shares during the period. Finally, Airain ltd acquired a new position in shares of Gerdau in the 2nd quarter valued at approximately $213,000. Institutional investors own 5.32% of the company’s stock.
Several brokerages recently issued reports on GGB. BidaskClub lowered Gerdau from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research lowered Gerdau from a “buy” rating to a “hold” rating in a research report on Tuesday, September 5th. Scotiabank upgraded Gerdau from an “underperform” rating to a “sector perform” rating in a research report on Friday, June 9th. Santander upgraded Gerdau from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Sandler O’Neill upgraded Gerdau from a “hold” rating to a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. Gerdau has an average rating of “Hold” and a consensus target price of $4.25.
Gerdau S.A. (NYSE GGB) traded up 1.32% during trading on Friday, reaching $3.83. The company’s stock had a trading volume of 2,630,567 shares. Gerdau S.A. has a 12 month low of $2.47 and a 12 month high of $4.39. The company’s 50-day moving average is $3.62 and its 200-day moving average is $3.34. The stock has a market cap of $6.55 billion, a PE ratio of 11.75 and a beta of 2.33.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Thursday, August 24th were paid a $0.005 dividend. The ex-dividend date was Tuesday, August 22nd. This represents a $0.02 dividend on an annualized basis and a yield of 0.53%. Gerdau’s dividend payout ratio (DPR) is presently -3.23%.
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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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