Gerdau SA (NYSE:GGB) has been given a consensus recommendation of “Hold” by the six brokerages that are presently covering the firm. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have assigned a buy recommendation to the company.

Several brokerages have recently issued reports on GGB. JPMorgan Chase & Co. cut shares of Gerdau SA from an “overweight” rating to a “neutral” rating in a report on Monday. Zacks Investment Research cut shares of Gerdau SA from a “buy” rating to a “hold” rating in a report on Friday, September 9th. Morgan Stanley upgraded shares of Gerdau SA from an “equal weight” rating to an “overweight” rating in a report on Thursday, August 18th. Finally, Credit Suisse Group AG upgraded shares of Gerdau SA from a “neutral” rating to an “outperform” rating in a report on Thursday, August 4th.

A number of hedge funds have recently added to or reduced their stakes in GGB. Westpac Banking Corp acquired a new stake in Gerdau SA during the second quarter valued at approximately $33,957,000. Adage Capital Partners GP L.L.C. increased its stake in Gerdau SA by 144.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 16,123,369 shares of the company’s stock valued at $28,700,000 after buying an additional 9,523,369 shares during the period. Wellington Management Group LLP acquired a new stake in Gerdau SA during the first quarter valued at approximately $19,937,000. Renaissance Technologies LLC increased its stake in Gerdau SA by 62.5% in the first quarter. Renaissance Technologies LLC now owns 9,796,599 shares of the company’s stock valued at $17,438,000 after buying an additional 3,768,699 shares during the period. Finally, Oaktree Capital Management LP increased its stake in Gerdau SA by 8.0% in the second quarter. Oaktree Capital Management LP now owns 9,501,727 shares of the company’s stock valued at $16,913,000 after buying an additional 699,822 shares during the period. Hedge funds and other institutional investors own 6.08% of the company’s stock.

Gerdau SA (NYSE:GGB) opened at 2.90 on Monday. The company’s 50 day moving average is $2.76 and its 200 day moving average is $2.22. The stock’s market cap is $4.98 billion. Gerdau SA has a one year low of $0.79 and a one year high of $3.19.

About Gerdau SA

Gerdau SA (Gerdau) is a producer of long rolled steel. The Company operates in five segments: Brazil (Brazil Business Operation), which includes the steel operations in Brazil (except special steel) and the metallurgical and coking coal operation in Colombia; North America (North America Business Operation), which includes all North American operations, except Mexico and special steel; Latin America (Latin America Business Operation), which includes all Latin American operations, except the operations in Brazil and the metallurgical and coking coal operations in Colombia; Special Steel (Special Steel Business Operation), which includes the special steel operations in Brazil, Spain, the United States and India, and Iron Ore (Iron Ore Business Operation), which includes the iron ore operations in Brazil.

5 Day Chart for NYSE:GGB

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