Gerdau (GGB) Shares Gap Down to $4.18

Shares of Gerdau SA (NYSE:GGB) gapped down before the market opened on Friday . The stock had previously closed at $4.34, but opened at $4.18. Gerdau shares last traded at $4.14, with a volume of 18203926 shares.

Several analysts have recently weighed in on GGB shares. Goldman Sachs Group started coverage on shares of Gerdau in a research report on Thursday, December 13th. They set a “buy” rating for the company. HSBC upgraded shares of Gerdau from a “hold” rating to a “buy” rating in a research report on Monday, September 17th. Scotiabank upgraded shares of Gerdau from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, December 18th. Finally, Zacks Investment Research upgraded shares of Gerdau from a “hold” rating to a “buy” rating and set a $4.50 price objective for the company in a research report on Friday, January 4th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $4.50.

The stock has a market capitalization of $7.38 billion, a price-to-earnings ratio of 46.00, a P/E/G ratio of 0.33 and a beta of 1.96. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.43 and a current ratio of 2.42.

Gerdau (NYSE:GGB) last released its quarterly earnings results on Wednesday, November 7th. The basic materials company reported $0.15 EPS for the quarter. Gerdau had a net margin of 0.80% and a return on equity of 9.41%. The firm had revenue of $3.26 billion during the quarter. Analysts forecast that Gerdau SA will post 0.42 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in GGB. Capital Growth Management LP raised its position in Gerdau by 115.1% in the 3rd quarter. Capital Growth Management LP now owns 20,000,000 shares of the basic materials company’s stock valued at $84,200,000 after purchasing an additional 10,700,000 shares during the last quarter. Man Group plc increased its stake in Gerdau by 667.3% in the 3rd quarter. Man Group plc now owns 5,844,833 shares of the basic materials company’s stock valued at $24,607,000 after buying an additional 5,083,080 shares during the period. Bank of America Corp DE increased its stake in Gerdau by 67.9% in the 2nd quarter. Bank of America Corp DE now owns 6,417,573 shares of the basic materials company’s stock valued at $22,719,000 after buying an additional 2,594,615 shares during the period. Fisher Asset Management LLC increased its stake in Gerdau by 112.1% in the 3rd quarter. Fisher Asset Management LLC now owns 4,807,069 shares of the basic materials company’s stock valued at $20,238,000 after buying an additional 2,540,235 shares during the period. Finally, Millennium Management LLC increased its stake in Gerdau by 64.2% in the 2nd quarter. Millennium Management LLC now owns 4,630,091 shares of the basic materials company’s stock valued at $16,391,000 after buying an additional 1,810,844 shares during the period. Hedge funds and other institutional investors own 5.41% of the company’s stock.

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Gerdau Company Profile (NYSE:GGB)

Gerdau SA engages in the production and commercialization of steel products. It operates throuh the following segments: Brazil Operation, North America Operation, South Africa Operation, and Special Steels Operation. The Brazil Operation segment includes rebar, bars, shapes, drawn products, billets, blooms, slabs, wire rod, structural shapes, and iron ore.

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