Gerdau (NYSE:GGB) Shares Gap Down to $3.80

Gerdau S.A. (NYSE:GGB) shares gapped down before the market opened on Tuesday . The stock had previously closed at $3.80, but opened at $3.69. Gerdau shares last traded at $3.67, with a volume of 1,605,739 shares.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. raised shares of Gerdau from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $5.00 to $6.00 in a report on Monday, April 15th.

Gerdau Trading Down 3.4 %

The firm has a 50-day simple moving average of $4.30 and a 200-day simple moving average of $4.46. 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 stock has a market cap of $7.74 billion, a PE ratio of 5.30 and a beta of 1.73.

Gerdau’s stock is scheduled to split on Tuesday, April 30th. The 6-5 split was announced on Tuesday, April 30th. The newly minted shares will be payable to shareholders after the market closes on Tuesday, April 30th.

Gerdau (NYSE:GGB) last released its quarterly earnings data on Thursday, March 28th. The basic materials company reported $0.07 earnings per share (EPS) for the quarter. Gerdau had a return on equity of 15.05% and a net margin of 10.80%. The company had revenue of $2.97 billion for the quarter. Equities analysts forecast that Gerdau S.A. will post 0.43 earnings per share for the current year.

Gerdau Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Tuesday, March 5th were paid a dividend of $0.0202 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.20%. Gerdau’s payout ratio is 10.00%.

Institutional Trading of Gerdau

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Boston Partners bought a new stake in shares of Gerdau during the 3rd quarter valued at $856,000. Citigroup Inc. increased its stake in Gerdau by 0.8% in the 3rd quarter. Citigroup Inc. now owns 970,159 shares of the basic materials company’s stock worth $4,628,000 after acquiring an additional 7,322 shares during the last quarter. Moneda S.A. Administradora General de Fondos increased its stake in Gerdau by 36.8% in the 3rd quarter. Moneda S.A. Administradora General de Fondos now owns 4,759,360 shares of the basic materials company’s stock worth $22,702,000 after acquiring an additional 1,280,989 shares during the last quarter. Seven Eight Capital LP bought a new position in Gerdau in the 3rd quarter worth about $274,000. Finally, Jump Financial LLC increased its stake in Gerdau by 1,475.8% in the 3rd quarter. Jump Financial LLC now owns 321,503 shares of the basic materials company’s stock worth $1,534,000 after acquiring an additional 301,100 shares during the last quarter. 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. 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.