Gerdau (NYSE:GGB) Stock Price Up 5.2% - What's Next?

Gerdau S.A. (NYSE:GGB - Get Free Report) shares shot up 5.2% during mid-day trading on Thursday . The company traded as high as $3.01 and last traded at $2.97. 2,920,556 shares were traded during trading, a decline of 69% from the average session volume of 9,549,987 shares. The stock had previously closed at $2.82.

Analyst Ratings Changes

GGB has been the topic of a number of recent research reports. Bank of America reissued a "neutral" rating on shares of Gerdau in a research report on Monday, April 7th. UBS Group dropped their price target on shares of Gerdau from $3.30 to $2.90 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th.

Gerdau Stock Performance

The company has a quick ratio of 1.53, a current ratio of 2.98 and a debt-to-equity ratio of 0.21. The company has a 50 day moving average of $2.65 and a 200 day moving average of $2.89. The firm has a market cap of $6.17 billion, a price-to-earnings ratio of 6.91 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 issued a dividend of $0.0188 per share. The ex-dividend date of this dividend was Monday, May 12th. This is an increase from Gerdau's previous dividend of $0.00. This represents a yield of 2.95%. Gerdau's payout ratio is currently 24.14%.

Hedge Funds Weigh In On Gerdau

Institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Gerdau by 10.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 70,116 shares of the basic materials company's stock worth $204,000 after buying an additional 6,555 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of Gerdau in the 4th quarter worth about $32,000. Capital Wealth Planning LLC acquired a new stake in shares of Gerdau in the 4th quarter valued at about $1,279,000. Carrera Capital Advisors bought a new position in shares of Gerdau during the fourth quarter worth about $40,000. Finally, Raymond James Financial Inc. bought a new position in shares of Gerdau during the fourth quarter worth about $65,000. 1.49% of the stock is owned by institutional investors and hedge funds.

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.