B. Metzler seel. Sohn & Co. AG bought a new stake in shares of Gerdau S.A. (NYSE:GGB - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 522,135 shares of the basic materials company's stock, valued at approximately $2,109,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Inspire Investing LLC boosted its stake in shares of Gerdau by 11.0% during the 4th quarter. Inspire Investing LLC now owns 26,397 shares of the basic materials company's stock worth $97,000 after acquiring an additional 2,607 shares during the last quarter. Xponance LLC lifted its position in Gerdau by 16.1% during the fourth quarter. Xponance LLC now owns 20,570 shares of the basic materials company's stock valued at $76,000 after purchasing an additional 2,845 shares in the last quarter. QRG Capital Management Inc. grew its holdings in Gerdau by 11.9% during the first quarter. QRG Capital Management Inc. now owns 30,100 shares of the basic materials company's stock valued at $109,000 after purchasing an additional 3,196 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Gerdau by 68.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,634 shares of the basic materials company's stock valued at $28,000 after purchasing an additional 3,931 shares during the period. Finally, Sequoia Financial Advisors LLC increased its position in Gerdau by 5.7% in the first quarter. Sequoia Financial Advisors LLC now owns 76,494 shares of the basic materials company's stock worth $276,000 after buying an additional 4,151 shares in the last quarter. 1.49% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several research analysts have recently commented on GGB shares. UBS Group reaffirmed a "buy" rating and issued a $6.10 price objective (up from $5.70) on shares of Gerdau in a research note on Thursday, August 27th. Itau BBA Securities lowered shares of Gerdau from an "outperform" rating to a "market perform" rating in a report on Monday, August 10th. JPMorgan Chase & Co. raised their target price on shares of Gerdau from $6.00 to $6.50 and gave the stock an "overweight" rating in a research note on Friday. The Goldman Sachs Group downgraded shares of Gerdau to a "neutral" rating in a report on Monday, August 24th. Finally, HSBC lowered shares of Gerdau from a "buy" rating to a "hold" rating in a research report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Gerdau currently has an average rating of "Hold" and a consensus price target of $5.57.
Check Out Our Latest Research Report on GGB
Insider Transactions at Gerdau
In other news, insider Marcos Zilles Mattiello sold 10,387 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $5.11, for a total value of $53,077.57. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Rafael Japur sold 10,000 shares of the company's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $5.10, for a total transaction of $51,000.00. Following the sale, the chief financial officer owned 86,967 shares in the company, valued at $443,531.70. This represents a 10.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.02% of the company's stock.
Gerdau Price Performance
Shares of NYSE:GGB opened at $4.98 on Friday. The firm has a market cap of $9.78 billion, a price-to-earnings ratio of 21.65 and a beta of 1.49. The firm has a fifty day moving average price of $4.64 and a 200 day moving average price of $4.34. Gerdau S.A. has a fifty-two week low of $3.03 and a fifty-two week high of $5.18. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.30 and a current ratio of 2.87.
Gerdau (NYSE:GGB - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.15 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.15. Gerdau had a net margin of 3.37% and a return on equity of 7.97%. The company had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.41 billion. As a group, sell-side analysts expect that Gerdau S.A. will post 0.55 earnings per share for the current fiscal year.
Gerdau Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, August 21st will be paid a $0.0448 dividend. This represents a $0.18 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, August 21st. This is an increase from Gerdau's previous quarterly dividend of $0.04. Gerdau's dividend payout ratio is 65.22%.
Gerdau Profile
(
Free Report)
Gerdau SA is a Brazilian-based steel producer engaged in the manufacture and distribution of long steel products for the construction, industrial and agricultural sectors. Established in 1901, the company operates an integrated network of electric-arc furnaces and rolling mills, producing reinforcement bars, wire rod, merchant bars and structural shapes. Gerdau's product portfolio also includes specialty long steel, high-yield reinforcement, rail, beams and steel coils, as well as value-added processing services such as cutting, bending and coating.
The company has expanded its footprint beyond Brazil, with significant operations in North America, South America and a presence in select European markets.
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