Gerdau (NYSE:GGB) Stock Price Down 4.5%

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Gerdau SA (NYSE:GGB) shares dropped 4.5% during trading on Thursday . The stock traded as low as $3.08 and last traded at $2.97, approximately 5,616,000 shares changed hands during trading. A decline of 34% from the average daily volume of 8,452,562 shares. The stock had previously closed at $3.11.

GGB has been the topic of several recent research reports. Zacks Investment Research raised shares of Gerdau from a “sell” rating to a “hold” rating in a report on Monday, May 13th. TheStreet raised shares of Gerdau from a “c” rating to a “b-” rating in a report on Tuesday, June 4th. Finally, ValuEngine raised shares of Gerdau from a “sell” rating to a “hold” rating in a report on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $4.50.

The company’s fifty day moving average price is $3.66 and its 200 day moving average price is $3.79. The company has a market capitalization of $5.45 billion, a P/E ratio of 7.63 and a beta of 1.83. The company has a quick ratio of 0.95, a current ratio of 2.19 and a debt-to-equity ratio of 0.50.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Eqis Capital Management Inc. acquired a new stake in shares of Gerdau during the 1st quarter worth approximately $45,000. Millennium Management LLC boosted its position in shares of Gerdau by 300.2% during the 4th quarter. Millennium Management LLC now owns 674,560 shares of the basic materials company’s stock worth $2,536,000 after acquiring an additional 506,018 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Gerdau by 42.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 290,726 shares of the basic materials company’s stock worth $1,128,000 after acquiring an additional 87,310 shares in the last quarter. NumerixS Investment Technologies Inc boosted its position in shares of Gerdau by 312.2% during the 1st quarter. NumerixS Investment Technologies Inc now owns 303,400 shares of the basic materials company’s stock worth $1,156,000 after acquiring an additional 229,800 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its position in shares of Gerdau by 161.8% during the 4th quarter. Two Sigma Advisers LP now owns 202,400 shares of the basic materials company’s stock worth $761,000 after acquiring an additional 125,100 shares in the last quarter. 7.15% of the stock is currently owned by institutional investors.

Gerdau Company Profile (NYSE:GGB)

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.

Further Reading: Cost of Goods Sold (COGS)

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