Gerdau S.A. (GGB) Lowered to “Neutral” at Credit Suisse Group
Credit Suisse Group cut shares of Gerdau S.A. (NYSE:GGB) from an outperform rating to a neutral rating in a report published on Thursday morning, MarketBeat.com reports.
A number of other analysts have also recently commented on the company. Zacks Investment Research upgraded Gerdau from a hold rating to a buy rating and set a $4.00 target price on the stock in a research report on Monday, August 28th. BidaskClub upgraded Gerdau from a hold rating to a buy rating in a research report on Tuesday, July 11th. J P Morgan Chase & Co upgraded Gerdau from a neutral rating to an overweight rating in a research report on Friday, September 1st. Finally, Scotiabank upgraded Gerdau from an underperform rating to a sector perform rating in a research report on Friday, June 9th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Gerdau has a consensus rating of Hold and a consensus target price of $4.25.
Shares of Gerdau (NYSE:GGB) opened at 3.90 on Thursday. The firm’s 50-day moving average price is $3.57 and its 200 day moving average price is $3.35. Gerdau has a 1-year low of $2.47 and a 1-year high of $4.39. The stock’s market cap is $6.67 billion.
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The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Thursday, August 24th will be issued a dividend of $0.005 per share. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend is Tuesday, August 22nd. Gerdau’s dividend payout ratio is currently -3.23%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global X Management Co. LLC grew its holdings in shares of Gerdau by 1.9% during the first quarter. Global X Management Co. LLC now owns 32,137 shares of the basic materials company’s stock worth $111,000 after buying an additional 589 shares during the last quarter. Stevens Capital Management LP purchased a new position in shares of Gerdau during the second quarter worth about $104,000. Envestnet Asset Management Inc. grew its holdings in shares of Gerdau by 5.7% during the first quarter. Envestnet Asset Management Inc. now owns 41,695 shares of the basic materials company’s stock worth $144,000 after buying an additional 2,236 shares during the last quarter. Lazard Asset Management LLC grew its holdings in shares of Gerdau by 108.5% during the second quarter. Lazard Asset Management LLC now owns 41,700 shares of the basic materials company’s stock worth $127,000 after buying an additional 21,700 shares during the last quarter. Finally, Tower Research Capital LLC TRC purchased a new position in shares of Gerdau during the second quarter worth about $152,000. 5.32% of the stock is currently owned by hedge funds and other institutional investors.
Gerdau Company Profile
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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