Dimensional Fund Advisors LP Decreases Stake in Gerdau S.A. (GGB)
Dimensional Fund Advisors LP decreased its position in Gerdau S.A. (NYSE:GGB) by 4.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,700,127 shares of the basic materials company’s stock after selling 1,141,505 shares during the quarter. Dimensional Fund Advisors LP owned 2.07% of Gerdau worth $72,281,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Virtu KCG Holdings LLC grew its position in shares of Gerdau by 83.7% in the 2nd quarter. Virtu KCG Holdings LLC now owns 87,425 shares of the basic materials company’s stock worth $267,000 after acquiring an additional 39,840 shares in the last quarter. Nordea Investment Management AB acquired a new position in Gerdau during the 2nd quarter valued at approximately $185,000. FMR LLC boosted its position in Gerdau by 82.1% during the 2nd quarter. FMR LLC now owns 496,600 shares of the basic materials company’s stock valued at $1,515,000 after purchasing an additional 223,925 shares during the period. Vanguard Group Inc. boosted its position in Gerdau by 9.2% during the 2nd quarter. Vanguard Group Inc. now owns 11,418,488 shares of the basic materials company’s stock valued at $34,826,000 after purchasing an additional 958,540 shares during the period. Finally, Northern Trust Corp boosted its position in Gerdau by 5.1% during the 2nd quarter. Northern Trust Corp now owns 780,624 shares of the basic materials company’s stock valued at $2,381,000 after purchasing an additional 37,945 shares during the period. Institutional investors own 5.32% of the company’s stock.
A number of research analysts recently issued reports on GGB shares. Zacks Investment Research upgraded Gerdau from a “hold” rating to a “buy” rating and set a $4.25 price objective for the company in a research report on Monday, September 11th. BidaskClub upgraded Gerdau from a “hold” rating to a “buy” rating in a research report on Tuesday, July 11th. Santander upgraded Gerdau from a “hold” rating to a “buy” rating in a research report on Tuesday, September 12th. Finally, Sandler O’Neill upgraded Gerdau from a “hold” rating to a “buy” rating in a research report on Wednesday, September 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $4.25.
Gerdau S.A. (NYSE:GGB) opened at 3.47 on Wednesday. Gerdau S.A. has a 52-week low of $2.60 and a 52-week high of $4.39. The firm’s market cap is $5.93 billion. The company’s 50-day moving average price is $3.66 and its 200-day moving average price is $3.28.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Thursday, August 24th were paid a dividend of $0.005 per share. This represents a $0.02 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend was Tuesday, August 22nd. Gerdau’s payout ratio is currently -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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