Point72 Asset Management L.P. Sells 704,500 Shares of Gerdau S.A. (NYSE:GGB)

Point72 Asset Management L.P. reduced its holdings in shares of Gerdau S.A. (NYSE:GGB - Free Report) by 75.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 233,600 shares of the basic materials company's stock after selling 704,500 shares during the quarter. Point72 Asset Management L.P.'s holdings in Gerdau were worth $673,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Private Advisor Group LLC purchased a new stake in shares of Gerdau during the 4th quarter valued at approximately $32,000. Wealthfront Advisers LLC bought a new stake in Gerdau during the 4th quarter worth approximately $32,000. R Squared Ltd bought a new stake in Gerdau during the 4th quarter worth approximately $36,000. Carrera Capital Advisors bought a new stake in Gerdau during the 4th quarter worth approximately $40,000. Finally, Raymond James Financial Inc. bought a new stake in Gerdau during the 4th quarter worth approximately $65,000. 1.49% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GGB. Bank of America reaffirmed a "neutral" rating on shares of Gerdau in a report on Monday, April 7th. UBS Group decreased their target price on shares of Gerdau from $3.30 to $2.90 and set a "neutral" rating on the stock in a report on Wednesday, April 30th.

Gerdau Price Performance

Gerdau stock traded up $0.15 during midday trading on Tuesday, reaching $2.86. 10,416,426 shares of the stock were exchanged, compared to its average volume of 9,404,081. The company's fifty day moving average is $2.68 and its 200-day moving average is $2.93. The firm has a market cap of $5.93 billion, a PE ratio of 6.64 and a beta of 1.43. Gerdau S.A. has a 52 week low of $2.27 and a 52 week high of $3.63. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.53 and a current ratio of 2.98.

Gerdau Increases Dividend

The business also recently declared a dividend, which will be paid on Tuesday, May 27th. Stockholders of record on Tuesday, May 13th will be issued a $0.0188 dividend. This is a positive change from Gerdau's previous dividend of $0.00. The ex-dividend date of this dividend is Monday, May 12th. This represents a dividend yield of 2.95%. Gerdau's dividend payout ratio is presently 24.14%.

About Gerdau

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.