Profund Advisors LLC reduced its stake in Gerdau S.A. (NYSE:GGB) by 17.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 111,435 shares of the basic materials company’s stock after selling 23,241 shares during the quarter. Profund Advisors LLC’s holdings in Gerdau were worth $340,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of GGB. Global X Management Co. LLC lifted its holdings in Gerdau by 6.2% in the 2nd quarter. Global X Management Co. LLC now owns 34,134 shares of the basic materials company’s stock worth $104,000 after purchasing an additional 1,997 shares during the last quarter. Stevens Capital Management LP acquired a new stake in Gerdau in the 2nd quarter worth approximately $104,000. Envestnet Asset Management Inc. lifted its holdings in Gerdau by 5.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 41,695 shares of the basic materials company’s stock worth $144,000 after purchasing an additional 2,236 shares during the last quarter. IPG Investment Advisors LLC lifted its holdings in Gerdau by 2.6% in the 2nd quarter. IPG Investment Advisors LLC now owns 58,500 shares of the basic materials company’s stock worth $178,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Comerica Bank lifted its holdings in Gerdau by 1.5% in the 1st quarter. Comerica Bank now owns 65,710 shares of the basic materials company’s stock worth $196,000 after purchasing an additional 982 shares during the last quarter. Hedge funds and other institutional investors own 5.32% of the company’s stock.
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Several equities research analysts recently weighed in on the company. Zacks Investment Research upgraded Gerdau from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a report on Thursday, August 17th. BidaskClub lowered Gerdau from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Santander upgraded Gerdau from a “hold” rating to a “buy” rating in a report on Tuesday, September 12th. Finally, J P Morgan Chase & Co upgraded Gerdau from a “neutral” rating to an “overweight” rating in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $4.25.
Shares of Gerdau S.A. (NYSE:GGB) opened at 3.36 on Friday. Gerdau S.A. has a 12-month low of $2.60 and a 12-month high of $4.39. The company has a 50-day moving average price of $3.66 and a 200 day moving average price of $3.29. The firm’s market capitalization is $5.74 billion.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Thursday, August 24th were issued a dividend of $0.005 per share. The ex-dividend date was Tuesday, August 22nd. This represents a $0.02 annualized dividend and a dividend yield of 0.60%. Gerdau’s payout ratio is currently -3.23%.
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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