Renaissance Technologies LLC reduced its position in Gerdau SA (NYSE:GGB) by 3.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,146,999 shares of the basic materials company’s stock after selling 630,700 shares during the quarter. Renaissance Technologies LLC owned about 0.94% of Gerdau worth $60,067,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of GGB. UBS Asset Management Americas Inc. acquired a new stake in shares of Gerdau in the fourth quarter valued at approximately $149,000. Verde Servicos Internacionais S.A. raised its stake in shares of Gerdau by 82.5% during the fourth quarter. Verde Servicos Internacionais S.A. now owns 51,100 shares of the basic materials company’s stock worth $190,000 after purchasing an additional 23,100 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Gerdau by 820.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 61,391 shares of the basic materials company’s stock worth $229,000 after purchasing an additional 54,722 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new stake in shares of Gerdau during the third quarter worth approximately $354,000. Finally, Advisors Asset Management Inc. raised its stake in shares of Gerdau by 22.0% during the third quarter. Advisors Asset Management Inc. now owns 106,823 shares of the basic materials company’s stock worth $366,000 after purchasing an additional 19,259 shares during the last quarter. 4.19% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on GGB shares. Bank of America upgraded Gerdau from a “neutral” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, November 27th. Zacks Investment Research cut Gerdau from a “hold” rating to a “sell” rating in a research note on Tuesday, November 28th. ValuEngine upgraded Gerdau from a “sell” rating to a “hold” rating in a research note on Thursday, December 7th. Credit Suisse Group upgraded Gerdau from a “neutral” rating to an “outperform” rating in a research note on Friday, February 2nd. Finally, Morgan Stanley cut Gerdau from an “overweight” rating to an “equal weight” rating in a research note on Thursday, March 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $4.50.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 28th. Shareholders of record on Monday, March 12th will be given a $0.0093 dividend. This is a boost from Gerdau’s previous quarterly dividend of $0.01. The ex-dividend date is Friday, March 9th. This represents a $0.04 annualized dividend and a yield of 0.75%. Gerdau’s dividend payout ratio is presently -10.00%.
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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