Gerdau (GGB) Shares Gap Down to $4.02
Gerdau SA (NYSE:GGB) shares gapped down before the market opened on Thursday . The stock had previously closed at $3.99, but opened at $4.02. Gerdau shares last traded at $3.96, with a volume of 198241 shares traded.
GGB has been the subject of several recent research reports. Bank of America restated a “buy” rating on shares of Gerdau in a report on Thursday. Morgan Stanley upgraded shares of Gerdau from an “equal weight” rating to an “overweight” rating in a report on Tuesday, June 5th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $4.50.
The firm has a market capitalization of $7.10 billion, a P/E ratio of 22.94 and a beta of 2.40. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.39 and a current ratio of 2.36.
A number of institutional investors and hedge funds have recently made changes to their positions in GGB. Stevens Capital Management LP acquired a new position in Gerdau during the second quarter worth $170,000. HRT Financial LLC bought a new stake in Gerdau during the second quarter worth $177,000. M&T Bank Corp bought a new stake in Gerdau during the first quarter worth $214,000. Credit Agricole S A raised its position in Gerdau by 145.3% during the second quarter. Credit Agricole S A now owns 73,600 shares of the basic materials company’s stock worth $260,000 after acquiring an additional 43,600 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Gerdau during the first quarter worth $378,000. Institutional investors and hedge funds own 4.21% of the company’s stock.
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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