JPMorgan Chase & Co. upgraded shares of Gerdau (NYSE:GGB - Free Report) from a neutral rating to an overweight rating in a research report sent to investors on Monday morning, Marketbeat reports. They currently have $6.00 price target on the basic materials company's stock, up from their previous price target of $5.00.
Gerdau Trading Up 3.2 %
NYSE:GGB traded up $0.14 on Monday, reaching $4.46. The company's stock had a trading volume of 21,071,066 shares, compared to its average volume of 6,567,777. Gerdau has a 12-month low of $4.11 and a 12-month high of $6.16. The company has a quick ratio of 1.24, a current ratio of 2.59 and a debt-to-equity ratio of 0.20. The firm has a market cap of $7.84 billion, a price-to-earnings ratio of 5.31 and a beta of 1.73. The stock has a 50 day moving average price of $4.33 and a 200 day moving average price of $4.48.
Gerdau's stock is scheduled to split on Tuesday, April 30th. The 6-5 split was announced on Tuesday, April 30th. The newly created shares will be issued to shareholders after the market closes on Tuesday, April 30th.
Gerdau Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Tuesday, March 5th were paid a $0.0202 dividend. The ex-dividend date was Monday, March 4th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.81%. Gerdau's payout ratio is presently 9.52%.
Institutional Investors Weigh In On Gerdau
A number of institutional investors have recently modified their holdings of the company. Mariner LLC grew its stake in shares of Gerdau by 8.0% in the third quarter. Mariner LLC now owns 28,153 shares of the basic materials company's stock valued at $134,000 after buying an additional 2,096 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Gerdau by 9.4% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,884 shares of the basic materials company's stock valued at $162,000 after buying an additional 2,900 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Gerdau by 2.1% in the first quarter. Bank of New York Mellon Corp now owns 146,025 shares of the basic materials company's stock valued at $720,000 after buying an additional 2,989 shares in the last quarter. Two Sigma Securities LLC grew its stake in shares of Gerdau by 23.4% in the second quarter. Two Sigma Securities LLC now owns 17,500 shares of the basic materials company's stock valued at $91,000 after buying an additional 3,320 shares in the last quarter. Finally, Creative Planning grew its stake in Gerdau by 13.4% during the 4th quarter. Creative Planning now owns 28,338 shares of the basic materials company's stock worth $137,000 after purchasing an additional 3,357 shares in the last quarter. 1.49% of the stock is owned by institutional investors and hedge funds.
About Gerdau
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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.
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