Mackenzie Financial Corp Has $6.89 Million Stake in Gerdau S.A. (NYSE:GGB)

Key Points

• Mackenzie Financial Corp increased its stake in Gerdau S.A. by 467.5%, now owning approximately 2.4 million shares valued at $6.89 million as of the latest SEC filing.
• Gerdau recently raised its dividend to $0.0188 per share, representing a significant yield of 295.0%, up from a previous dividend of $0.00.
• Wall Street analysts have shown optimism, with UBS upgrading Gerdau from a "neutral" to a "buy" rating and increasing their price target from $2.90 to $3.80.

Mackenzie Financial Corp raised its stake in Gerdau S.A. (NYSE:GGB - Free Report) by 467.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,425,593 shares of the basic materials company's stock after buying an additional 1,998,206 shares during the quarter. Mackenzie Financial Corp owned 0.12% of Gerdau worth $6,889,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Wolverine Trading LLC bought a new stake in shares of Gerdau in the fourth quarter worth about $37,000. Xponance Inc. bought a new stake in shares of Gerdau in the first quarter worth about $40,000. Sigma Planning Corp bought a new stake in shares of Gerdau in the first quarter worth about $46,000. Raymond James Financial Inc. bought a new stake in shares of Gerdau in the fourth quarter worth about $65,000. Finally, First Trust Advisors LP bought a new stake in shares of Gerdau in the fourth quarter worth about $79,000. Institutional investors and hedge funds own 1.49% of the company's stock.

Gerdau Stock Down 1.8%

GGB stock opened at $2.96 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.64 and a quick ratio of 1.28. The stock has a market capitalization of $6.14 billion, a P/E ratio of 10.19, a P/E/G ratio of 1.30 and a beta of 1.38. The business has a 50-day moving average of $2.95 and a 200-day moving average of $2.85. Gerdau S.A. has a fifty-two week low of $2.27 and a fifty-two week high of $3.62.

Gerdau Increases Dividend

The company also recently disclosed a dividend, which was paid on Tuesday, May 27th. Stockholders of record on Tuesday, May 13th were given a dividend of $0.0188 per share. This is an increase from Gerdau's previous dividend of $0.00. This represents a dividend yield of 295.0%. The ex-dividend date of this dividend was Monday, May 12th. Gerdau's payout ratio is currently 27.59%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Bank of America restated a "neutral" rating on shares of Gerdau in a report on Monday, April 7th. UBS Group upgraded Gerdau from a "neutral" rating to a "buy" rating and increased their price target for the stock from $2.90 to $3.80 in a report on Monday, June 9th.

Gerdau 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.

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