Shares of Gerdau S.A. (NYSE:GGB) have been assigned a consensus rating of “Buy” from the seven research firms that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $3.25.

Several equities research analysts recently issued reports on the company. BidaskClub upgraded Gerdau from a “sell” rating to a “hold” rating in a report on Saturday, June 24th. Scotiabank upgraded Gerdau from an “underperform” rating to a “sector perform” rating in a report on Friday, June 9th. Finally, Zacks Investment Research upgraded Gerdau from a “hold” rating to a “buy” rating and set a $3.25 price objective on the stock in a report on Tuesday, June 27th.

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Shares of Gerdau (NYSE:GGB) traded up 1.31% during trading on Monday, reaching $3.09. The company had a trading volume of 2,838,803 shares. The company’s market capitalization is $5.28 billion. The stock’s 50-day moving average price is $2.89 and its 200-day moving average price is $3.43. Gerdau has a 52 week low of $1.72 and a 52 week high of $4.39.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Banco BTG Pactual S.A. bought a new position in shares of Gerdau during the first quarter valued at $27,600,000. Horseman Capital Management Ltd bought a new position in shares of Gerdau during the first quarter valued at $13,830,000. Bank of America Corp DE boosted its position in shares of Gerdau by 118.9% in the first quarter. Bank of America Corp DE now owns 5,409,654 shares of the basic materials company’s stock valued at $18,663,000 after buying an additional 2,938,567 shares in the last quarter. Morgan Stanley boosted its position in shares of Gerdau by 416.0% in the first quarter. Morgan Stanley now owns 3,420,226 shares of the basic materials company’s stock valued at $11,800,000 after buying an additional 2,757,360 shares in the last quarter. Finally, Bogle Investment Management L P DE boosted its position in shares of Gerdau by 75.8% in the first quarter. Bogle Investment Management L P DE now owns 2,950,179 shares of the basic materials company’s stock valued at $10,178,000 after buying an additional 1,272,226 shares in the last quarter. Institutional investors and hedge funds own 5.00% of the company’s stock.

About Gerdau

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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