Gerdau (NYSE:GGB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.
According to Zacks, “GERDAU S.A. throughout its 101 years of activities, they are largest long steel producer in Latin America, and have made an important contribution in building the history of the Brazilian industry. Gerdau Group dedicates itself to meeting the growing demands of several dynamic industries involved in the production of goods and in the development of the economy. Gerdau steel is used in construction and industry as well as in the automotive and agricultural sectors. “
A number of other research analysts have also recently commented on GGB. ValuEngine upgraded shares of Gerdau from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. TheStreet cut shares of Gerdau from a “b-” rating to a “c+” rating in a research report on Friday, August 30th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $4.50.
Shares of GGB stock traded up $0.09 during trading on Tuesday, hitting $4.22. The company had a trading volume of 13,435,300 shares, compared to its average volume of 10,009,723. The company has a quick ratio of 1.03, a current ratio of 2.13 and a debt-to-equity ratio of 0.50. The stock’s 50-day moving average is $3.69 and its two-hundred day moving average is $3.48. The stock has a market capitalization of $7.19 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 6.09 and a beta of 1.96. Gerdau has a 52 week low of $2.73 and a 52 week high of $4.39.
Gerdau (NYSE:GGB) last posted its quarterly earnings data on Wednesday, October 30th. The basic materials company reported $0.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.03. Gerdau had a net margin of 3.64% and a return on equity of 5.77%. The company had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.49 billion. On average, research analysts predict that Gerdau will post 0.2 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of GGB. Pinnacle Wealth Planning Services Inc. bought a new position in Gerdau during the third quarter valued at approximately $37,000. Corient Capital Partners LLC bought a new position in shares of Gerdau in the third quarter worth approximately $41,000. US Bancorp DE grew its holdings in shares of Gerdau by 1,100.6% in the second quarter. US Bancorp DE now owns 11,298 shares of the basic materials company’s stock worth $45,000 after purchasing an additional 10,357 shares during the last quarter. Cadence Capital Management LLC bought a new position in shares of Gerdau in the second quarter worth approximately $49,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Gerdau by 2,993.8% in the second quarter. Wells Fargo & Company MN now owns 15,500 shares of the basic materials company’s stock worth $60,000 after purchasing an additional 14,999 shares during the last quarter. Institutional investors and hedge funds own 9.57% of the company’s stock.
Gerdau Company Profile
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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