Renaissance Technologies LLC decreased its holdings in Gerdau SA (NYSE:GGB) by 3.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,146,999 shares of the basic materials company’s stock after selling 630,700 shares during the quarter. Renaissance Technologies LLC’s holdings in Gerdau were worth $60,067,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. UBS Asset Management Americas Inc. purchased a new position in Gerdau in the fourth quarter worth $149,000. Verde Servicos Internacionais S.A. raised its position in Gerdau by 82.5% in the fourth quarter. Verde Servicos Internacionais S.A. now owns 51,100 shares of the basic materials company’s stock worth $190,000 after acquiring an additional 23,100 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Gerdau by 820.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 61,391 shares of the basic materials company’s stock worth $229,000 after acquiring an additional 54,722 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in Gerdau in the third quarter worth $354,000. Finally, Advisors Asset Management Inc. raised its position in Gerdau by 22.0% in the third quarter. Advisors Asset Management Inc. now owns 106,823 shares of the basic materials company’s stock worth $366,000 after acquiring an additional 19,259 shares in the last quarter. Hedge funds and other institutional investors own 4.19% of the company’s stock.
Several research analysts have issued reports on GGB shares. Bank of America upgraded Gerdau from a “neutral” rating to a “buy” rating and set a $4.00 price objective for the company in a research report on Monday, November 27th. Zacks Investment Research cut Gerdau from a “hold” rating to a “sell” rating in a research report on Tuesday, November 28th. ValuEngine upgraded Gerdau from a “sell” rating to a “hold” rating in a research report on Thursday, December 7th. Credit Suisse Group upgraded Gerdau from a “neutral” rating to an “outperform” rating in a research report on Friday, February 2nd. Finally, Morgan Stanley cut Gerdau from an “overweight” rating to an “equal weight” rating in a research report on Thursday, March 8th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. Gerdau currently has an average rating of “Hold” and a consensus target price of $4.50.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 28th. Stockholders of record on Monday, March 12th will be given a $0.0093 dividend. The ex-dividend date is Friday, March 9th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.75%. This is a boost from Gerdau’s previous quarterly dividend of $0.01. Gerdau’s dividend payout ratio (DPR) is currently -10.00%.
Gerdau SA (Gerdau) is a manufacturer of long steel in the North and South America. The Company is engaged in the production and commercialization of steel products in general, through its mills located in Argentina, Brazil, Canada, Chile, Colombia, Spain, the United States, Guatemala, India, Mexico, Peru, the Dominican Republic, Uruguay and Venezuela.
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