State Street Corp increased its stake in shares of Gerdau SA (NYSE:GGB) by 0.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 4,202,766 shares of the basic materials company’s stock after purchasing an additional 7,224 shares during the quarter. State Street Corp’s holdings in Gerdau were worth $8,027,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its position in shares of Gerdau by 22.0% during the first quarter. Van ECK Associates Corp now owns 799,598 shares of the basic materials company’s stock worth $1,527,000 after buying an additional 144,089 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Gerdau in the first quarter valued at $392,000. BNP Paribas Arbitrage SA boosted its holdings in Gerdau by 426.0% in the first quarter. BNP Paribas Arbitrage SA now owns 402,202 shares of the basic materials company’s stock valued at $768,000 after purchasing an additional 325,739 shares during the period. Wellington Management Group LLP boosted its holdings in Gerdau by 341.5% in the first quarter. Wellington Management Group LLP now owns 3,737,384 shares of the basic materials company’s stock valued at $7,139,000 after purchasing an additional 2,890,909 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in Gerdau in the first quarter valued at $130,000. 10.40% of the stock is currently owned by hedge funds and other institutional investors.
GGB opened at $3.34 on Friday. The business’s 50-day simple moving average is $3.01 and its 200-day simple moving average is $3.11. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.09 and a current ratio of 2.03. Gerdau SA has a one year low of $1.65 and a one year high of $5.34. The stock has a market capitalization of $5.74 billion, a P/E ratio of 23.86, a price-to-earnings-growth ratio of 2.85 and a beta of 2.23.
Gerdau (NYSE:GGB) last posted its earnings results on Wednesday, May 6th. The basic materials company reported $0.03 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.22) by $0.25. Gerdau had a return on equity of 3.84% and a net margin of 2.52%. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.68 billion. On average, equities research analysts forecast that Gerdau SA will post 0.08 EPS for the current fiscal year.
A number of analysts have issued reports on GGB shares. Itau BBA Securities raised Gerdau from a “market perform” rating to an “outperform” rating in a report on Friday, July 24th. ValuEngine downgraded Gerdau from a “buy” rating to a “hold” rating in a report on Friday, May 8th. Zacks Investment Research downgraded Gerdau from a “buy” rating to a “hold” rating in a report on Wednesday, July 8th. Bank of America downgraded Gerdau from a “neutral” rating to an “underperform” rating in a report on Monday, June 8th. Finally, JPMorgan Chase & Co. downgraded Gerdau from an “overweight” rating to a “neutral” rating in a report on Monday, June 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $3.50.
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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