Gerdau S.A. (GGB) Stock Rating Lowered by Credit Suisse Group
Gerdau S.A. (NYSE:GGB) was downgraded by Credit Suisse Group from an “outperform” rating to a “neutral” rating in a research note issued on Thursday, The Fly reports.
Several other equities research analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Gerdau from a “buy” rating to a “hold” rating in a research note on Tuesday. J P Morgan Chase & Co upgraded shares of Gerdau from a “neutral” rating to an “overweight” rating in a research note on Friday, September 1st. Finally, BidaskClub downgraded shares of Gerdau from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $4.25.
Shares of Gerdau (GGB) traded down 1.47% during trading on Thursday, reaching $4.02. The company had a trading volume of 2,367,420 shares. Gerdau has a 1-year low of $2.47 and a 1-year high of $4.39. The stock’s market capitalization is $6.87 billion. The company’s 50 day moving average is $3.54 and its 200-day moving average is $3.34.
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Several institutional investors have recently added to or reduced their stakes in GGB. Global X Management Co. LLC raised its holdings in shares of Gerdau by 6.2% in the second quarter. Global X Management Co. LLC now owns 34,134 shares of the basic materials company’s stock valued at $104,000 after buying an additional 1,997 shares during the last quarter. Stevens Capital Management LP bought a new position in shares of Gerdau in the second quarter valued at about $104,000. Lazard Asset Management LLC raised its holdings in shares of Gerdau by 108.5% in the second quarter. Lazard Asset Management LLC now owns 41,700 shares of the basic materials company’s stock valued at $127,000 after buying an additional 21,700 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Gerdau by 5.7% in the first quarter. Envestnet Asset Management Inc. now owns 41,695 shares of the basic materials company’s stock valued at $144,000 after buying an additional 2,236 shares during the last quarter. Finally, Tower Research Capital LLC TRC bought a new position in shares of Gerdau in the second quarter valued at about $152,000. 5.32% of the stock is owned by institutional investors and hedge funds.
Gerdau Company Profile
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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