Ninety One North America Inc. purchased a new stake in Gerdau S.A. (NYSE:GGB – Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 8,211,800 shares of the basic materials company’s stock, valued at approximately $38,760,000. Gerdau accounts for about 2.0% of Ninety One North America Inc.’s holdings, making the stock its 16th biggest position.
Other hedge funds also recently made changes to their positions in the company. SmartHarvest Portfolios LLC acquired a new stake in shares of Gerdau during the 1st quarter valued at about $43,000. Allspring Global Investments Holdings LLC bought a new stake in Gerdau in the first quarter valued at $45,000. Bank of New York Mellon Corp bought a new position in shares of Gerdau during the first quarter valued at $46,000. Greenspring Advisors LLC acquired a new stake in shares of Gerdau during the 2nd quarter worth about $47,000. Finally, EverSource Wealth Advisors LLC grew its stake in Gerdau by 57.6% during the first quarter. EverSource Wealth Advisors LLC now owns 13,243 shares of the basic materials company’s stock worth $48,000 after buying an additional 4,842 shares during the last quarter. Institutional investors and hedge funds own 1.49% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the company. UBS Group reissued a “buy” rating and issued a $6.10 target price (up from $5.70) on shares of Gerdau in a report on Thursday, August 27th. Weiss Ratings raised Gerdau from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday. Itau BBA Securities lowered Gerdau from an “outperform” rating to a “market perform” rating in a research note on Monday, August 10th. The Goldman Sachs Group cut Gerdau to a “neutral” rating in a report on Monday, August 24th. Finally, Bank of America cut Gerdau from a “buy” rating to a “neutral” rating and set a $5.10 price target for the company. in a report on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $5.57.
Insider Buying and Selling
In related news, EVP Rafael Lopes sold 51,800 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $5.09, for a total value of $263,662.00. Following the completion of the transaction, the executive vice president owned 83,399 shares in the company, valued at $424,500.91. The trade was a 38.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Rafael Japur sold 10,000 shares of the company’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $5.10, for a total value of $51,000.00. Following the transaction, the chief financial officer directly owned 86,967 shares in the company, valued at approximately $443,531.70. This represents a 10.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 147,407 shares of company stock worth $737,561 in the last quarter. Insiders own 0.02% of the company’s stock.
Gerdau Price Performance
Shares of NYSE GGB traded down $0.09 during trading on Thursday, reaching $5.08. The company had a trading volume of 7,035,856 shares, compared to its average volume of 17,009,957. Gerdau S.A. has a 52 week low of $3.14 and a 52 week high of $5.48. The business’s 50 day moving average price is $4.86 and its 200-day moving average price is $4.60. The stock has a market cap of $9.98 billion, a PE ratio of 22.11 and a beta of 1.48. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.30 and a current ratio of 2.87.
Gerdau (NYSE:GGB – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.15 EPS for the quarter, meeting the consensus estimate of $0.15. Gerdau had a net margin of 3.37% and a return on equity of 7.97%. The business had revenue of $3.45 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Analysts expect that Gerdau S.A. will post 0.55 earnings per share for the current year.
Gerdau Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, August 21st were given a $0.0448 dividend. This is a boost from Gerdau’s previous quarterly dividend of $0.0361. The ex-dividend date was Friday, August 21st. This represents a $0.18 annualized dividend and a yield of 3.5%. Gerdau’s dividend payout ratio is presently 65.22%.
Gerdau Profile
Gerdau SA is a Brazilian steel producer and one of the major suppliers of long steel in the Americas. The company manufactures products including rebar, wire rod, structural shapes, merchant bars and other steel products used in construction, infrastructure, industrial manufacturing and agricultural equipment.
Gerdau also produces special steel for the automotive, machinery and other industrial sectors, as well as flat steel products through its operations in Brazil. Its business includes steel recycling, with a significant portion of its production based on ferrous scrap, and the company operates a network of steel mills, fabrication facilities and distribution centers.
Founded in Brazil in 1901, Gerdau serves customers across Brazil, North America and South America.
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