Gerdau (NYSE:GGB) Shares Gap Down to $4.46

Gerdau S.A. (NYSE:GGB - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $4.46, but opened at $4.29. Gerdau shares last traded at $4.27, with a volume of 1,260,010 shares.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. upgraded shares of Gerdau from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $5.00 to $6.00 in a report on Monday.

Gerdau Stock Performance

The company has a debt-to-equity ratio of 0.20, a current ratio of 2.59 and a quick ratio of 1.24. The stock's 50-day simple moving average is $4.34 and its 200 day simple moving average is $4.47. The stock has a market capitalization of $7.51 billion, a P/E ratio of 5.09 and a beta of 1.73.

Gerdau's stock is set to split on Tuesday, April 30th. The 6-5 split was announced on Tuesday, April 30th. The newly issued shares will be payable to shareholders after the closing bell on Tuesday, April 30th.

Gerdau (NYSE:GGB - Get Free Report) last announced its earnings results on Thursday, March 28th. The basic materials company reported $0.07 earnings per share (EPS) for the quarter. The company had revenue of $2.97 billion during the quarter. Gerdau had a net margin of 10.80% and a return on equity of 15.05%. Research analysts expect that Gerdau S.A. will post 0.56 EPS for the current fiscal year.

Gerdau Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Tuesday, March 5th were given a dividend of $0.0202 per share. The ex-dividend date was Monday, March 4th. This represents a $0.08 annualized dividend and a yield of 1.89%. Gerdau's dividend payout ratio is 9.52%.

Institutional Investors Weigh In On Gerdau

Several institutional investors and hedge funds have recently bought and sold shares of the company. Belpointe Asset Management LLC acquired a new position in Gerdau during the first quarter worth about $37,000. Fortis Capital Advisors LLC acquired a new position in Gerdau during the first quarter worth about $37,000. Clear Street Markets LLC acquired a new position in Gerdau during the fourth quarter worth about $38,000. Blue Trust Inc. raised its stake in Gerdau by 175.0% during the fourth quarter. Blue Trust Inc. now owns 8,074 shares of the basic materials company's stock worth $39,000 after acquiring an additional 5,138 shares in the last quarter. Finally, Atlas Capital Advisors LLC raised its stake in Gerdau by 424.8% during the fourth quarter. Atlas Capital Advisors LLC now owns 7,353 shares of the basic materials company's stock worth $41,000 after acquiring an additional 5,952 shares in the last quarter. Institutional investors own 1.49% of the company's stock.

Gerdau Company Profile

Gerdau SA, together with its subsidiaries, operates as a steel producer company. It operates through Brazil Business, North America Business, South America Business, and Special Steel Business divisions. The company 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.