Gerdau (NYSE:GGB) Shares Gap Down to $4.46

Gerdau S.A. (NYSE:GGB)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $4.46, but opened at $4.29. Gerdau shares last traded at $4.27, with a volume of 1,260,010 shares changing hands.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. upgraded Gerdau from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $5.00 to $6.00 in a research report on Monday.

Gerdau Stock Up 0.8 %

The company has a debt-to-equity ratio of 0.20, a current ratio of 2.59 and a quick ratio of 1.24. The stock has a market cap of $7.56 billion, a price-to-earnings ratio of 5.13 and a beta of 1.73. The firm’s 50-day moving average is $4.33 and its 200 day moving average is $4.47.

Gerdau shares are scheduled to split on the morning of Tuesday, April 30th. The 6-5 split was announced on Tuesday, April 30th. The newly issued shares will be issued to shareholders after the closing bell on Tuesday, April 30th.

Gerdau (NYSE:GGB) last issued its earnings results on Thursday, March 28th. The basic materials company reported $0.07 earnings per share (EPS) for the quarter. The business had revenue of $2.97 billion during the quarter. Gerdau had a return on equity of 15.05% and a net margin of 10.80%. Sell-side analysts anticipate that Gerdau S.A. will post 0.56 earnings per share for the current fiscal year.

Gerdau Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Tuesday, March 5th were given a $0.0202 dividend. This represents a $0.08 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend was Monday, March 4th. Gerdau’s payout ratio is currently 9.52%.

Hedge Funds Weigh In On Gerdau

Hedge funds and other institutional investors have recently made changes to their positions in the business. Clear Street Markets LLC purchased a new stake in shares of Gerdau in the fourth quarter worth about $38,000. Atlas Capital Advisors LLC grew its position in Gerdau by 424.8% in the fourth quarter. Atlas Capital Advisors LLC now owns 7,353 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 5,952 shares in the last quarter. Belpointe Asset Management LLC purchased a new stake in shares of Gerdau during the first quarter valued at approximately $37,000. Fortis Capital Advisors LLC acquired a new position in shares of Gerdau during the first quarter worth $37,000. Finally, Blue Trust Inc. grew its holdings in Gerdau by 175.0% during the 4th quarter. Blue Trust Inc. now owns 8,074 shares of the basic materials company’s stock valued at $39,000 after purchasing an additional 5,138 shares in the last quarter. Institutional investors and hedge funds own 1.49% of the company’s stock.

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.