Gerdau (NYSE:GGB) Trading Down 4.5%

Gerdau SA (NYSE:GGB) was down 4.5% on Thursday . The company traded as low as $3.08 and last traded at $2.97, approximately 5,616,000 shares were traded during mid-day trading. A decline of 34% from the average daily volume of 8,452,562 shares. The stock had previously closed at $3.11.

A number of equities analysts recently weighed in on GGB shares. TheStreet raised shares of Gerdau from a “c” rating to a “b-” rating in a research note on Tuesday, June 4th. Zacks Investment Research raised shares of Gerdau from a “sell” rating to a “hold” rating in a research note on Monday, May 13th. Finally, ValuEngine upgraded shares of Gerdau from a “sell” rating to a “hold” rating in a research note on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $4.50.

The stock’s 50 day moving average price is $3.66 and its 200 day moving average price is $3.79. 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 company has a market capitalization of $5.45 billion, a price-to-earnings ratio of 7.63 and a beta of 1.83.

Several institutional investors have recently bought and sold shares of GGB. Bank of America Corp DE boosted its stake in shares of Gerdau by 7,324.0% during the 2nd quarter. Bank of America Corp DE now owns 17,640,706 shares of the basic materials company’s stock worth $68,621,000 after buying an additional 17,403,089 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Gerdau by 91.8% during the 1st quarter. JPMorgan Chase & Co. now owns 7,347,368 shares of the basic materials company’s stock worth $28,508,000 after buying an additional 3,516,995 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Gerdau by 16,090.5% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,127,433 shares of the basic materials company’s stock worth $8,276,000 after buying an additional 2,114,293 shares during the last quarter. Sagil Capital LLP acquired a new position in shares of Gerdau during the 2nd quarter worth about $7,780,000. Finally, AMS Capital Ltda boosted its stake in shares of Gerdau by 117.3% during the 1st quarter. AMS Capital Ltda now owns 2,784,648 shares of the basic materials company’s stock worth $10,804,000 after buying an additional 1,503,448 shares during the last quarter. Institutional investors own 7.15% 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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