Morgan Stanley Lowers Gerdau (NYSE:GGB) to Equal Weight
Gerdau (NYSE:GGB) was downgraded by stock analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report released on Friday, The Fly reports.
A number of other equities analysts also recently issued reports on the stock. TheStreet upgraded shares of Gerdau from a “c+” rating to a “b-” rating in a report on Thursday, December 12th. Scotiabank downgraded shares of Gerdau from a “sector outperform” rating to a “sector perform” rating in a report on Wednesday. ValuEngine downgraded shares of Gerdau from a “hold” rating to a “sell” rating in a report on Monday, December 30th. Finally, Zacks Investment Research upgraded shares of Gerdau from a “hold” rating to a “buy” rating and set a $5.75 price target for the company in a report on Saturday, January 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. Gerdau presently has an average rating of “Hold” and a consensus target price of $5.75.
Shares of GGB stock traded down $0.01 during mid-day trading on Friday, hitting $5.30. The stock had a trading volume of 231,639 shares, compared to its average volume of 9,588,268. Gerdau has a fifty-two week low of $2.73 and a fifty-two week high of $5.32. The firm has a market cap of $8.93 billion, a PE ratio of 23.04, a PEG ratio of 4.20 and a beta of 1.99. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.13 and a quick ratio of 1.03. The company’s 50-day simple moving average is $4.76 and its 200-day simple moving average is $3.73.
Institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC increased its holdings in shares of Gerdau by 94.8% in the 2nd quarter. Jane Street Group LLC now owns 262,375 shares of the basic materials company’s stock valued at $1,020,000 after purchasing an additional 127,683 shares in the last quarter. Wetherby Asset Management Inc. purchased a new position in Gerdau during the 3rd quarter valued at about $74,000. Squarepoint Ops LLC purchased a new position in Gerdau during the 3rd quarter valued at about $313,000. Millennium Management LLC purchased a new position in Gerdau during the 3rd quarter valued at about $132,000. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Gerdau by 126.8% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 123,600 shares of the basic materials company’s stock valued at $389,000 after acquiring an additional 69,100 shares in the last quarter. Institutional investors and hedge funds own 9.49% of the company’s stock.
Gerdau Company Profile
Gerdau SA provides steel-related products and services worldwide. It operates through four segments: Brazil Operations, North America Operations, South America Operations, and Special Steel Operations. The company offers semi-finished products, including billets, blooms, and slabs; common long rolled products, such as rebars, wire rods, merchant bars, light shapes, and profiles, which are used primarily in the construction and manufacturing industries; and drawn products comprising barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire meshes, nails, and clamps, as well as mines and produces iron ore.
Recommended Story: Bid-Ask Spread
Receive News & Ratings for Gerdau Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gerdau and related companies with MarketBeat.com's FREE daily email newsletter.