Gerdau (NYSE:GGB) Given "Hold (C)" Rating at Weiss Ratings

Key Points

• Gerdau's stock has been given a "hold (C)" rating by Weiss Ratings, indicating a neutral outlook for the company.
• The company's recent earnings report showed a missed profit estimate, with earnings per share of $0.08 compared to the expected $0.09.
• Institutional investors have shown increased interest in Gerdau, with several firms raising their stakes significantly during the second quarter.

Gerdau (NYSE:GGB - Get Free Report)'s stock had its "hold (c)" rating reaffirmed by Weiss Ratings in a report released on Tuesday,Weiss Ratings reports.

Gerdau Price Performance

NYSE GGB traded down $0.02 on Tuesday, reaching $3.23. The company's stock had a trading volume of 9,855,354 shares, compared to its average volume of 12,368,568. The firm has a market cap of $6.44 billion, a PE ratio of 11.16, a price-to-earnings-growth ratio of 0.78 and a beta of 1.42. The business has a 50-day moving average price of $3.08 and a 200 day moving average price of $2.90. Gerdau has a 52 week low of $2.27 and a 52 week high of $3.62. The company has a current ratio of 2.89, a quick ratio of 1.50 and a debt-to-equity ratio of 0.30.

Gerdau (NYSE:GGB - Get Free Report) last posted its earnings results on Thursday, July 31st. The basic materials company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The business had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.22 billion. Gerdau had a net margin of 4.81% and a return on equity of 6.51%. Sell-side analysts expect that Gerdau will post 0.46 EPS for the current year.

Hedge Funds Weigh In On Gerdau

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Gerdau by 68.9% in 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 buying an additional 3,931 shares in the last quarter. Park Avenue Securities LLC acquired a new position in Gerdau during the 2nd quarter worth $29,000. EverSource Wealth Advisors LLC boosted its position in Gerdau by 95.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 10,687 shares of the basic materials company's stock valued at $31,000 after buying an additional 5,216 shares during the last quarter. Xponance Inc. bought a new position in Gerdau in the 1st quarter valued at $40,000. Finally, Sigma Planning Corp bought a new position in Gerdau in the 1st quarter valued at $46,000. 1.49% of the stock is currently owned by institutional investors and hedge funds.

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.

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