Carrhae Capital LLP Makes New Investment in Gerdau S.A. (NYSE:GGB)

Carrhae Capital LLP purchased a new stake in shares of Gerdau S.A. (NYSE:GGB - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 6,568,703 shares of the basic materials company's stock, valued at approximately $18,655,000. Gerdau comprises approximately 1.4% of Carrhae Capital LLP's portfolio, making the stock its 17th biggest holding. Carrhae Capital LLP owned approximately 0.32% of Gerdau as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jane Street Group LLC raised its holdings in Gerdau by 221.1% in the 4th quarter. Jane Street Group LLC now owns 1,236,271 shares of the basic materials company's stock valued at $3,560,000 after buying an additional 851,203 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in Gerdau by 80.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 85,205 shares of the basic materials company's stock valued at $242,000 after buying an additional 37,969 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in Gerdau by 789.5% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 455,053 shares of the basic materials company's stock valued at $1,292,000 after buying an additional 403,894 shares during the period. Northern Trust Corp raised its holdings in Gerdau by 34.8% in the 4th quarter. Northern Trust Corp now owns 918,238 shares of the basic materials company's stock valued at $2,645,000 after buying an additional 236,951 shares during the period. Finally, Thrivent Financial for Lutherans increased its stake in Gerdau by 164.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 515,417 shares of the basic materials company's stock worth $1,485,000 after purchasing an additional 320,404 shares during the period. Institutional investors and hedge funds own 1.49% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on GGB shares. UBS Group upgraded shares of Gerdau from a "neutral" rating to a "buy" rating and upped their target price for the stock from $2.90 to $3.80 in a research note on Monday, June 9th. Bank of America reiterated a "neutral" rating on shares of Gerdau in a research note on Monday, April 7th.

Gerdau Stock Performance

Shares of NYSE GGB traded down $0.07 during mid-day trading on Friday, hitting $2.86. 8,986,018 shares of the company were exchanged, compared to its average volume of 10,688,537. The company has a quick ratio of 1.28, a current ratio of 2.64 and a debt-to-equity ratio of 0.24. The stock has a 50 day simple moving average of $2.89 and a 200-day simple moving average of $2.84. Gerdau S.A. has a 1-year low of $2.27 and a 1-year high of $3.62. The firm has a market cap of $5.95 billion, a price-to-earnings ratio of 9.86, a price-to-earnings-growth ratio of 1.26 and a beta of 1.38.

Gerdau Increases Dividend

The firm also recently disclosed a dividend, which was paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 13th were given a $0.0188 dividend. This is a boost from Gerdau's previous dividend of $0.00. The ex-dividend date of this dividend was Monday, May 12th. This represents a yield of 2.95%. Gerdau's dividend payout ratio is presently 27.59%.

Gerdau Company Profile

Gerdau SA, together with its subsidiaries, operates as a steel producer company. The company operates through Brazil Business, North America Business, South America Business, and Special Steel Business segments. It also provides 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; drawn products comprising barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire mesh, nails, and clamps for manufacturing, construction, and agricultural industries; and special steel products used in auto parts, light and heavy vehicles, and agricultural machinery, as well as in the oil and gas, wind energy, machinery and equipment, mining and rail, and other markets.