BNP Paribas Arbitrage SA trimmed its position in Gerdau S.A. (NYSE:GGB) by 15.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 122,377 shares of the basic materials company’s stock after selling 23,038 shares during the period. BNP Paribas Arbitrage SA’s holdings in Gerdau were worth $653,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Pacer Advisors Inc. lifted its stake in shares of Gerdau by 61.6% during the first quarter. Pacer Advisors Inc. now owns 5,821 shares of the basic materials company’s stock worth $31,000 after buying an additional 2,220 shares during the period. Eqis Capital Management Inc. acquired a new stake in shares of Gerdau during the fourth quarter worth $77,000. GSA Capital Partners LLP acquired a new stake in shares of Gerdau during the fourth quarter worth $85,000. Wells Fargo & Company MN lifted its stake in shares of Gerdau by 23.4% during the fourth quarter. Wells Fargo & Company MN now owns 18,793 shares of the basic materials company’s stock worth $88,000 after buying an additional 3,563 shares during the period. Finally, Advisor Partners LLC raised its holdings in shares of Gerdau by 47.5% during the fourth quarter. Advisor Partners LLC now owns 23,010 shares of the basic materials company’s stock worth $107,000 after purchasing an additional 7,410 shares during the last quarter. Institutional investors own 3.04% of the company’s stock.
GGB has been the subject of several recent research reports. Zacks Investment Research raised shares of Gerdau from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a report on Wednesday. TheStreet raised shares of Gerdau from a “c+” rating to a “b-” rating in a report on Wednesday, March 3rd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $7.00.
Gerdau (NYSE:GGB) last released its earnings results on Wednesday, May 5th. The basic materials company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.97 billion. Gerdau had a net margin of 15.79% and a return on equity of 25.00%. On average, equities research analysts expect that Gerdau S.A. will post 1.09 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 3rd. Stockholders of record on Tuesday, May 18th were paid a dividend of $0.0735 per share. The ex-dividend date was Monday, May 17th. This represents a $0.29 dividend on an annualized basis and a dividend yield of 4.64%. This is a boost from Gerdau’s previous quarterly dividend of $0.02. Gerdau’s payout ratio is currently 51.85%.
Gerdau Company Profile
Gerdau SA provides steel products and services. It operates through four segments: Brazil Business, North America Business, South America Business, and Special Steel Business. 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 to the construction and manufacturing industries; finished industrial products, including commercial rolled-steel bars, and light profiles and wires; agricultural products that include stakes and smooth wire products; and drawn products comprises barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire meshes, nails, and clamps.
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