Gerdau (NYSE:GGB) Downgraded by Bank of America to “Neutral”

Bank of America lowered shares of Gerdau (NYSE:GGB) 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

A number of hedge funds have recently made changes to their positions in GGB. Belpointe Asset Management LLC purchased a new position in Gerdau during the first quarter valued at $37,000. Fortis Capital Advisors LLC purchased a new stake in shares of Gerdau during the 1st quarter worth approximately $37,000. Clear Street Markets LLC purchased a new position in shares of Gerdau in the fourth quarter valued at $38,000. Atlas Capital Advisors LLC increased its position in Gerdau by 424.8% in the fourth quarter. Atlas Capital Advisors LLC now owns 7,353 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 5,952 shares during the last quarter. Finally, Disciplined Investments LLC purchased a new stake in Gerdau during the first quarter valued at $46,000. Institutional investors own 2.64% of the company’s stock.

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.