Gerdau (NYSE:GGB) Share Price Crosses Above 200 Day Moving Average - What's Next?

Gerdau S.A. (NYSE:GGB - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.88 and traded as high as $3.02. Gerdau shares last traded at $2.96, with a volume of 13,174,794 shares trading hands.

Analysts Set New Price Targets

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

Gerdau Price Performance

The firm's 50 day simple moving average is $2.72 and its two-hundred day simple moving average is $2.88. 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 firm has a market capitalization of $6.14 billion, a P/E ratio of 10.19, a P/E/G ratio of 2.98 and a beta of 1.38.

Gerdau Increases Dividend

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

Institutional Trading of Gerdau

A number of institutional investors have recently made changes to their positions in the stock. Inspire Investing LLC bought a new position in shares of Gerdau during the first quarter valued at about $46,000. Kawa Capital Management Inc bought a new position in Gerdau during the 1st quarter valued at approximately $6,011,000. Strs Ohio bought a new position in Gerdau during the 1st quarter valued at approximately $737,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Gerdau by 821.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,344,175 shares of the basic materials company's stock worth $6,657,000 after buying an additional 2,089,675 shares during the period. Finally, Millennium Management LLC grew its position in shares of Gerdau by 54.6% in the 1st quarter. Millennium Management LLC now owns 4,363,764 shares of the basic materials company's stock worth $12,393,000 after buying an additional 1,541,311 shares during the last quarter. Hedge funds and other institutional investors own 1.49% of the company's stock.

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.

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