Gerdau S.A. (GGB) Upgraded to “Buy” at Santander
Santander upgraded shares of Gerdau S.A. (NYSE:GGB) from a hold rating to a buy rating in a report issued on Tuesday, The Fly reports.
Other research analysts also recently issued research reports about the company. BidaskClub downgraded Gerdau from a buy rating to a hold rating in a research note on Monday, July 24th. Zacks Investment Research downgraded Gerdau from a buy rating to a hold rating in a research note on Tuesday, September 5th. Scotiabank upgraded Gerdau from an underperform rating to a sector perform rating in a research note on Friday, June 9th. Credit Suisse Group downgraded Gerdau from an outperform rating to a neutral rating in a research note on Thursday, September 7th. Finally, J P Morgan Chase & Co upgraded Gerdau from a neutral rating to an overweight rating in a research note on Friday, September 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $4.25.
Gerdau (NYSE:GGB) opened at 3.87 on Tuesday. The firm has a market capitalization of $6.61 billion, a P/E ratio of 11.87 and a beta of 2.33. The firm has a 50-day moving average price of $3.64 and a 200-day moving average price of $3.34. Gerdau has a one year low of $2.49 and a one year high of $4.39.
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The business also recently announced 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 annualized dividend and a dividend yield of 0.52%. Gerdau’s dividend payout ratio (DPR) is currently -3.23%.
Hedge funds have recently made changes to their positions in the business. Global X Management Co. LLC grew its stake in shares of Gerdau by 1.9% in the 1st quarter. Global X Management Co. LLC now owns 32,137 shares of the basic materials company’s stock valued at $111,000 after purchasing an additional 589 shares during the last quarter. Stevens Capital Management LP purchased a new position in shares of Gerdau in the 2nd quarter valued at approximately $104,000. Envestnet Asset Management Inc. grew its stake in shares of Gerdau by 5.7% in the 1st 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 during the last quarter. Lazard Asset Management LLC grew its stake in shares of Gerdau by 108.5% in the 2nd 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 during the last quarter. Finally, Tower Research Capital LLC TRC purchased a new position in shares of Gerdau in the 2nd quarter valued at approximately $152,000. Institutional investors own 5.32% of the company’s stock.
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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