Pinebridge Investments L.P. Has $5.03 Million Stock Holdings in Gerdau SA (NYSE:GGB)

Pinebridge Investments L.P. cut its position in shares of Gerdau SA (NYSE:GGB) by 10.5% during the 2nd quarter, Holdings Channel reports. The firm owned 1,294,241 shares of the basic materials company’s stock after selling 152,062 shares during the quarter. Pinebridge Investments L.P.’s holdings in Gerdau were worth $5,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Gerdau by 166.5% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,427 shares of the basic materials company’s stock valued at $428,000 after buying an additional 68,996 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Gerdau by 91.8% in the 1st quarter. JPMorgan Chase & Co. now owns 7,347,368 shares of the basic materials company’s stock valued at $28,508,000 after purchasing an additional 3,516,995 shares during the period. Thomas White International Ltd. bought a new stake in Gerdau in the 1st quarter valued at about $1,977,000. Acadian Asset Management LLC bought a new stake in Gerdau in the 1st quarter valued at about $3,035,000. Finally, NumerixS Investment Technologies Inc boosted its holdings in Gerdau by 312.2% in the 1st quarter. NumerixS Investment Technologies Inc now owns 303,400 shares of the basic materials company’s stock valued at $1,156,000 after purchasing an additional 229,800 shares during the period. Institutional investors own 8.50% of the company’s stock.

NYSE GGB traded down $0.04 during trading on Friday, reaching $3.27. The company’s stock had a trading volume of 5,904,900 shares, compared to its average volume of 10,812,594. The company has a current ratio of 2.19, a quick ratio of 0.95 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of 8.18 and a beta of 1.90. Gerdau SA has a 12 month low of $2.73 and a 12 month high of $4.71. The firm has a 50 day moving average price of $3.19 and a 200 day moving average price of $3.63.

Gerdau (NYSE:GGB) last posted its quarterly earnings data on Wednesday, August 7th. The basic materials company reported $0.06 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.03). The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.79 billion. Gerdau had a net margin of 4.50% and a return on equity of 7.97%. On average, equities analysts forecast that Gerdau SA will post 0.3 EPS for the current fiscal year.

GGB has been the subject of a number of recent research reports. ValuEngine raised shares of Gerdau from a “sell” rating to a “hold” rating in a report on Thursday, June 27th. TheStreet downgraded shares of Gerdau from a “b-” rating to a “c+” rating in a report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Gerdau currently has an average rating of “Buy” and a consensus target price of $4.50.

About Gerdau

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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Institutional Ownership by Quarter for Gerdau (NYSE:GGB)

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