GSA Capital Partners LLP Invests $981,000 in Gerdau S.A. $GGB

GSA Capital Partners LLP purchased a new position in Gerdau S.A. (NYSE:GGB) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 316,396 shares of the basic materials company’s stock, valued at approximately $981,000.

A number of other large investors have also recently made changes to their positions in GGB. Bank of America Corp DE lifted its holdings in Gerdau by 162.6% during the second quarter. Bank of America Corp DE now owns 12,984,389 shares of the basic materials company’s stock valued at $37,914,000 after purchasing an additional 8,039,814 shares in the last quarter. Donald Smith & CO. Inc. purchased a new position in shares of Gerdau during the 2nd quarter valued at $17,440,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Gerdau by 821.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,344,175 shares of the basic materials company’s stock valued at $6,657,000 after buying an additional 2,089,675 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Gerdau in the 2nd quarter worth $5,690,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in Gerdau in the 3rd quarter worth $5,958,000. 1.49% of the stock is owned by hedge funds and other institutional investors.

Gerdau Stock Performance

Shares of NYSE:GGB opened at $4.12 on Friday. The firm has a fifty day simple moving average of $4.04 and a two-hundred day simple moving average of $3.54. Gerdau S.A. has a 52 week low of $2.27 and a 52 week high of $4.66. The company has a quick ratio of 1.47, a current ratio of 2.70 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $8.24 billion, a P/E ratio of 15.27, a PEG ratio of 1.17 and a beta of 1.46.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GGB. Zacks Research upgraded Gerdau from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Gerdau in a research note on Monday, December 29th. Finally, UBS Group reiterated a “buy” rating and set a $4.60 price objective (up previously from $4.00) on shares of Gerdau in a research report on Monday, December 15th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Gerdau has an average rating of “Hold” and a consensus price target of $4.60.

About Gerdau

Gerdau SA is a Brazilian-based steel producer engaged in the manufacture and distribution of long steel products for the construction, industrial and agricultural sectors. Established in 1901, the company operates an integrated network of electric-arc furnaces and rolling mills, producing reinforcement bars, wire rod, merchant bars and structural shapes. Gerdau’s product portfolio also includes specialty long steel, high-yield reinforcement, rail, beams and steel coils, as well as value-added processing services such as cutting, bending and coating.

The company has expanded its footprint beyond Brazil, with significant operations in North America, South America and a presence in select European markets.