Gerdau SA (NYSE:GGB) shares gapped down prior to trading on Thursday . The stock had previously closed at $3.47, but opened at $3.43. Gerdau shares last traded at $3.46, with a volume of 394672 shares changing hands.
Several brokerages have commented on GGB. Zacks Investment Research downgraded shares of Gerdau from a “hold” rating to a “sell” rating in a report on Wednesday, February 20th. ValuEngine downgraded shares of Gerdau from a “hold” rating to a “sell” rating in a report on Tuesday, February 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $4.50.
The company has a current ratio of 1.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $5.81 billion, a PE ratio of 8.55, a price-to-earnings-growth ratio of 1.45 and a beta of 1.93.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be issued a dividend of $0.0176 per share. This represents a $0.07 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend is Tuesday, May 21st.
Several hedge funds and other institutional investors have recently bought and sold shares of GGB. Bank of America Corp DE lifted its stake in Gerdau by 16.8% in the fourth quarter. Bank of America Corp DE now owns 8,901,288 shares of the basic materials company’s stock worth $33,468,000 after purchasing an additional 1,279,084 shares during the last quarter. Hsbc Holdings PLC bought a new stake in Gerdau in the first quarter worth $31,927,000. JPMorgan Chase & Co. lifted its stake in Gerdau by 91.8% in the first quarter. JPMorgan Chase & Co. now owns 7,347,368 shares of the basic materials company’s stock worth $28,508,000 after purchasing an additional 3,516,995 shares during the last quarter. AMS Capital Ltda lifted its stake in Gerdau by 117.3% in the first quarter. AMS Capital Ltda now owns 2,784,648 shares of the basic materials company’s stock worth $10,804,000 after purchasing an additional 1,503,448 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Gerdau by 3.7% in the third quarter. Bank of New York Mellon Corp now owns 2,063,258 shares of the basic materials company’s stock worth $8,687,000 after purchasing an additional 72,739 shares during the last quarter. 7.72% of the stock is owned by institutional investors.
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Gerdau Company Profile (NYSE:GGB)
Gerdau SA provides steel-related products and services worldwide. It operates through four segments: Brazil Operations, North America Operations, South America Operations, and Special Steel Operations. The company offers semi-finished products, including billets, blooms, and slabs; common long rolled products, such as rebars, wire rods, merchant bars, light shapes, and profiles, which are used primarily in the construction and manufacturing industries; and drawn products comprising barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire meshes, nails, and clamps, as well as mines and produces iron ore.
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