Gerdau (GGB) Shares Gap Down to $3.92

Gerdau SA (NYSE:GGB) shares gapped down before the market opened on Thursday . The stock had previously closed at $3.94, but opened at $3.92. Gerdau shares last traded at $3.86, with a volume of 15386331 shares changing hands.

GGB has been the topic of a number of research analyst reports. Zacks Investment Research downgraded shares of Gerdau from a “buy” rating to a “hold” rating in a research report on Tuesday, December 11th. Goldman Sachs Group initiated coverage on shares of Gerdau in a research report on Thursday, December 13th. They set a “buy” rating on the stock. Scotiabank raised shares of Gerdau from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, December 18th. Finally, ValuEngine downgraded shares of Gerdau from a “hold” rating to a “sell” rating in a research report on Tuesday, February 19th. Two equities research analysts have rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $4.50.

The company has a current ratio of 2.42, a quick ratio of 1.43 and a debt-to-equity ratio of 0.60. The stock has a market cap of $6.57 billion, a PE ratio of 42.44, a price-to-earnings-growth ratio of 0.32 and a beta of 1.95.

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 25th. Stockholders of record on Monday, March 11th will be issued a dividend of $0.0268 per share. This represents a $0.11 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Friday, March 8th. This is a boost from Gerdau’s previous quarterly dividend of $0.01. Gerdau’s payout ratio is 144.44%.

Several hedge funds have recently made changes to their positions in GGB. Nuveen Asset Management LLC bought a new stake in shares of Gerdau during the 4th quarter valued at $49,000. GSA Capital Partners LLP bought a new stake in shares of Gerdau during the 4th quarter valued at $72,000. First Trust Advisors LP bought a new stake in shares of Gerdau during the 4th quarter valued at $92,000. NEXT Financial Group Inc boosted its holdings in shares of Gerdau by 9.5% during the 4th quarter. NEXT Financial Group Inc now owns 34,500 shares of the basic materials company’s stock valued at $130,000 after buying an additional 3,000 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new stake in shares of Gerdau during the 4th quarter valued at $144,000. Hedge funds and other institutional investors own 4.76% of the company’s stock.

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About Gerdau (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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