JPMorgan Chase & Co. upgraded shares of Gerdau (NYSE:GGB – Free Report) from a neutral rating to an overweight rating in a report published on Monday morning, Marketbeat Ratings reports. They currently have $6.00 price objective on the basic materials company’s stock, up from their previous price objective of $5.00.
Gerdau Stock Up 3.2 %
Gerdau stock opened at $4.46 on Monday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.24 and a current ratio of 2.59. The business’s 50-day simple moving average is $4.34 and its two-hundred day simple moving average is $4.48. The company has a market cap of $7.84 billion, a PE ratio of 5.31 and a beta of 1.73. Gerdau has a fifty-two week low of $4.11 and a fifty-two week high of $6.16.
Gerdau shares are scheduled to split on the morning of Tuesday, April 30th. The 6-5 split was announced on Tuesday, April 30th. The newly created shares will be issued to shareholders after the market closes on Tuesday, April 30th.
Gerdau Cuts Dividend
Hedge Funds Weigh In On Gerdau
Institutional investors and hedge funds have recently modified their holdings of the stock. Belpointe Asset Management LLC acquired a new position in shares of Gerdau in the 1st quarter valued at about $37,000. Fortis Capital Advisors LLC acquired a new position in shares of Gerdau in the 1st quarter valued at about $37,000. Clear Street Markets LLC acquired a new position in shares of Gerdau in the 4th quarter valued at about $38,000. Blue Trust Inc. lifted its holdings in shares of Gerdau by 175.0% in the 4th quarter. Blue Trust Inc. now owns 8,074 shares of the basic materials company’s stock valued at $39,000 after buying an additional 5,138 shares during the period. Finally, Atlas Capital Advisors LLC lifted its holdings in shares of Gerdau by 424.8% in the 4th quarter. Atlas Capital Advisors LLC now owns 7,353 shares of the basic materials company’s stock valued at $41,000 after buying an additional 5,952 shares during the period. Institutional investors and hedge funds own 1.49% of the company’s stock.
About Gerdau
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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