Renaissance Technologies LLC cut its position in Gerdau SA (NYSE:GGB) by 21.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,556,099 shares of the basic materials company’s stock after selling 2,807,700 shares during the period. Renaissance Technologies LLC owned 0.61% of Gerdau worth $37,369,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently modified their holdings of the company. BNP Paribas Arbitrage SA boosted its stake in shares of Gerdau by 12.4% in the second quarter. BNP Paribas Arbitrage SA now owns 134,750 shares of the basic materials company’s stock worth $477,000 after acquiring an additional 14,883 shares during the last quarter. Credit Agricole S A boosted its stake in shares of Gerdau by 145.3% in 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 during the last quarter. M&T Bank Corp acquired a new stake in shares of Gerdau in the first quarter worth approximately $214,000. Stevens Capital Management LP acquired a new stake in shares of Gerdau in the second quarter worth approximately $170,000. Finally, Northern Trust Corp boosted its stake in shares of Gerdau by 5.8% in the first quarter. Northern Trust Corp now owns 900,233 shares of the basic materials company’s stock worth $4,195,000 after acquiring an additional 49,064 shares during the last quarter. 4.50% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on GGB. HSBC raised Gerdau from a “hold” rating to a “buy” rating in a research note on Monday. Bank of America reaffirmed a “buy” rating on shares of Gerdau in a research note on Thursday, August 16th. Finally, Morgan Stanley raised Gerdau from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, June 5th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $4.50.
NYSE GGB opened at $3.67 on Monday. The firm has a market cap of $6.36 billion, a price-to-earnings ratio of 40.78, a P/E/G ratio of 0.36 and a beta of 2.52. The company has a current ratio of 2.36, a quick ratio of 1.39 and a debt-to-equity ratio of 0.62. Gerdau SA has a fifty-two week low of $2.89 and a fifty-two week high of $5.32.
Gerdau (NYSE:GGB) last released its quarterly earnings data on Wednesday, August 8th. The basic materials company reported $0.12 earnings per share for the quarter. The company had revenue of $3.35 billion for the quarter. Gerdau had a positive return on equity of 6.25% and a negative net margin of 0.43%. equities analysts anticipate that Gerdau SA will post 0.39 EPS for the current year.
The business also recently disclosed a special dividend, which was paid on Monday, September 10th. Shareholders of record on Friday, August 24th were paid a dividend of $0.0373 per share. The ex-dividend date was Thursday, August 23rd. This represents a yield of 1.96%. This is a positive change from Gerdau’s previous special dividend of $0.02. Gerdau’s payout ratio is 55.56%.
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.
Recommended Story: What does RSI mean?
Receive News & Ratings for Gerdau Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gerdau and related companies with MarketBeat.com's FREE daily email newsletter.