Gerdau (NYSE:GGB) Price Target Lowered to $2.90 at UBS Group

Gerdau (NYSE:GGB - Get Free Report) had its price target dropped by stock analysts at UBS Group from $3.30 to $2.90 in a report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the basic materials company's stock. UBS Group's price target suggests a potential upside of 13.77% from the stock's previous close.

Separately, Bank of America reaffirmed a "neutral" rating on shares of Gerdau in a research note on Monday, April 7th.

Gerdau Stock Down 2.7 %

Shares of NYSE:GGB traded down $0.07 during trading on Wednesday, reaching $2.55. 9,920,610 shares of the company traded hands, compared to its average volume of 9,208,620. 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 firm has a market cap of $5.30 billion, a P/E ratio of 5.93 and a beta of 1.37. The firm has a fifty day simple moving average of $2.75 and a 200 day simple moving average of $2.99. Gerdau has a 1-year low of $2.27 and a 1-year high of $4.04.

Gerdau (NYSE:GGB - Get Free Report) last announced its earnings results on Wednesday, February 19th. The basic materials company reported $0.06 EPS for the quarter, hitting the consensus estimate of $0.06. The firm had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.66 billion. Gerdau had a net margin of 7.03% and a return on equity of 7.74%. Analysts anticipate that Gerdau will post 0.46 earnings per share for the current fiscal year.

Institutional Trading of Gerdau

Several institutional investors and hedge funds have recently modified their holdings of the business. Carrhae Capital LLP acquired a new position in Gerdau in the first quarter valued at $18,655,000. Massachusetts Financial Services Co. MA grew its holdings in Gerdau by 147.9% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 392,274 shares of the basic materials company's stock valued at $1,114,000 after buying an additional 234,015 shares in the last quarter. Sigma Planning Corp purchased a new position in Gerdau in the first quarter worth $46,000. Xponance Inc. bought a new position in shares of Gerdau during the first quarter valued at about $40,000. Finally, BSW Wealth Partners lifted its holdings in Gerdau by 41.5% in the 1st quarter. BSW Wealth Partners now owns 69,395 shares of the basic materials company's stock worth $197,000 after buying an additional 20,351 shares during the period. 1.49% of the stock is currently owned by institutional investors.

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.