Gerdau SA (GGB) Downgraded by JPMorgan Chase & Co.
Gerdau SA (NYSE:GGB) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Monday.
Several other research firms also recently issued reports on GGB. Credit Suisse Group AG upgraded Gerdau SA from a “neutral” rating to an “outperform” rating in a research report on Thursday, August 4th. Morgan Stanley upgraded Gerdau SA from an “equal weight” rating to an “overweight” rating in a research report on Thursday, August 18th. Finally, Zacks Investment Research downgraded Gerdau SA from a “buy” rating to a “hold” rating in a research report on Monday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $3.00.
Shares of Gerdau SA (NYSE:GGB) traded up 1.01% during midday trading on Monday, reaching $3.01. The company had a trading volume of 11,880,195 shares. Gerdau SA has a one year low of $0.79 and a one year high of $3.19. The company has a 50 day moving average of $2.77 and a 200 day moving average of $2.19. The company’s market capitalization is $5.17 billion.
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The business also recently announced a dividend, which was paid on Monday, September 12th. Shareholders of record on Thursday, August 25th were given a dividend of $0.008 per share. The ex-dividend date of this dividend was Tuesday, August 23rd. Gerdau SA’s dividend payout ratio is currently -2.53%.
Several large investors have recently bought and sold shares of the company. World Asset Management Inc increased its stake in shares of Gerdau SA by 7.5% in the second quarter. World Asset Management Inc now owns 71,360 shares of the company’s stock worth $130,000 after buying an additional 4,969 shares during the period. Commerzbank Aktiengesellschaft FI increased its stake in shares of Gerdau SA by 10.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 543,277 shares of the company’s stock worth $989,000 after buying an additional 51,587 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Gerdau SA by 12.2% in the second quarter. Bank of New York Mellon Corp now owns 5,796,463 shares of the company’s stock worth $10,549,000 after buying an additional 632,075 shares during the period. Bank of Montreal Can acquired a new stake in shares of Gerdau SA during the second quarter worth about $1,129,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of Gerdau SA during the second quarter worth about $1,715,000. Hedge funds and other institutional investors own 6.08% of the company’s stock.
Gerdau SA Company Profile
Gerdau SA (Gerdau) is a producer of long rolled steel. The Company operates in five segments: Brazil (Brazil Business Operation), which includes the steel operations in Brazil (except special steel) and the metallurgical and coking coal operation in Colombia; North America (North America Business Operation), which includes all North American operations, except Mexico and special steel; Latin America (Latin America Business Operation), which includes all Latin American operations, except the operations in Brazil and the metallurgical and coking coal operations in Colombia; Special Steel (Special Steel Business Operation), which includes the special steel operations in Brazil, Spain, the United States and India, and Iron Ore (Iron Ore Business Operation), which includes the iron ore operations in Brazil.
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