Bank of America lowered shares of Gerdau (NYSE:GGB – Free Report) from a buy rating to a neutral rating in a research note published on Monday, Marketbeat reports. The firm currently has $5.10 price target on the basic materials company’s stock, down from their previous price target of $5.60.
Gerdau Price Performance
Shares of NYSE:GGB opened at $4.75 on Monday. The firm’s 50 day moving average price is $4.66 and its 200-day moving average price is $5.05. The stock has a market capitalization of $8.34 billion, a PE ratio of 4.89 and a beta of 1.73. Gerdau has a twelve month low of $4.20 and a twelve month high of $6.34. The company has a quick ratio of 1.43, a current ratio of 2.93 and a debt-to-equity ratio of 0.22.
Gerdau Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Tuesday, November 21st will be given a dividend of $0.0962 per share. This is a boost from Gerdau’s previous quarterly dividend of $0.09. This represents a $0.38 dividend on an annualized basis and a dividend yield of 8.11%. The ex-dividend date is Monday, November 20th. Gerdau’s payout ratio is presently 53.61%.
Hedge Funds Weigh In On Gerdau
Gerdau Company Profile
Gerdau SA, together with its subsidiaries, operates as a steel producer company. It operates through Brazil Business, North America Business, South America Business, and Special Steel Business divisions. The company provides semi-finished products, including billets, blooms, and slabs; common long rolled products, such as rebars, wire rods, merchant bars, light shapes, and profiles to the construction and manufacturing industries; drawn products comprising barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire mesh, nails, and clamps for manufacturing, construction, and agricultural industries; and special steel products used in auto parts, light and heavy vehicles, and agricultural machinery, as well as in the oil and gas, wind energy, machinery and equipment, mining and rail, and other markets.
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