AMP Capital Investors Ltd bought a new position in Gerdau SA (NYSE:GGB) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 178,120 shares of the basic materials company’s stock, valued at approximately $611,000.
Other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in shares of Gerdau by 33.0% in the third quarter. JPMorgan Chase & Co. now owns 9,131,604 shares of the basic materials company’s stock worth $30,865,000 after purchasing an additional 2,267,649 shares during the last quarter. Nordea Investment Management AB increased its position in Gerdau by 140.3% during the third quarter. Nordea Investment Management AB now owns 145,400 shares of the basic materials company’s stock valued at $499,000 after acquiring an additional 84,900 shares during the last quarter. Advisors Asset Management Inc. increased its position in Gerdau by 22.0% during the third quarter. Advisors Asset Management Inc. now owns 106,823 shares of the basic materials company’s stock valued at $366,000 after acquiring an additional 19,259 shares during the last quarter. TCW Group Inc. purchased a new stake in Gerdau during the third quarter valued at $1,036,000. Finally, Sei Investments Co. increased its position in Gerdau by 69.8% during the third quarter. Sei Investments Co. now owns 147,791 shares of the basic materials company’s stock valued at $507,000 after acquiring an additional 60,732 shares during the last quarter. 4.88% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts recently commented on GGB shares. Bank of America upgraded Gerdau from a “neutral” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 27th. Goldman Sachs Group reiterated a “buy” rating on shares of Gerdau in a research report on Monday, October 23rd. Zacks Investment Research upgraded Gerdau from a “hold” rating to a “buy” rating and set a $4.25 price objective for the company in a research report on Wednesday, September 20th. Finally, ValuEngine upgraded Gerdau from a “sell” rating to a “hold” rating in a research report on Thursday, December 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Gerdau has an average rating of “Hold” and a consensus target price of $4.13.
Shares of Gerdau SA (GGB) traded up $0.03 during trading on Friday, reaching $4.66. The company had a trading volume of 21,162,873 shares, compared to its average volume of 9,062,773. Gerdau SA has a 52 week low of $2.60 and a 52 week high of $4.79. The company has a market capitalization of $7,962.02, a price-to-earnings ratio of -15.53 and a beta of 2.27. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.16 and a current ratio of 1.89.
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Gerdau Company Profile
Gerdau SA (Gerdau) is a manufacturer of long steel in the North and South America. The Company is engaged in the production and commercialization of steel products in general, through its mills located in Argentina, Brazil, Canada, Chile, Colombia, Spain, the United States, Guatemala, India, Mexico, Peru, the Dominican Republic, Uruguay and Venezuela.
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