Wetherby Asset Management Inc. Takes $74,000 Position in Gerdau SA (NYSE:GGB)

Wetherby Asset Management Inc. acquired a new stake in shares of Gerdau SA (NYSE:GGB) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 23,627 shares of the basic materials company’s stock, valued at approximately $74,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of America Corp DE increased its stake in Gerdau by 7,324.0% in the second quarter. Bank of America Corp DE now owns 17,640,706 shares of the basic materials company’s stock valued at $68,621,000 after acquiring an additional 17,403,089 shares during the period. Vanguard Group Inc. increased its stake in Gerdau by 12.6% in the second quarter. Vanguard Group Inc. now owns 11,170,635 shares of the basic materials company’s stock valued at $43,454,000 after acquiring an additional 1,253,168 shares during the period. JPMorgan Chase & Co. increased its stake in Gerdau by 7.3% in the second quarter. JPMorgan Chase & Co. now owns 7,885,158 shares of the basic materials company’s stock valued at $30,357,000 after acquiring an additional 537,790 shares during the period. Nuveen Asset Management LLC increased its stake in Gerdau by 16,090.5% in the second quarter. Nuveen Asset Management LLC now owns 2,127,433 shares of the basic materials company’s stock valued at $8,276,000 after acquiring an additional 2,114,293 shares during the period. Finally, Sagil Capital LLP bought a new stake in Gerdau during the second quarter worth about $7,780,000. 8.43% of the stock is owned by institutional investors and hedge funds.

Gerdau stock traded down $0.08 during trading hours on Friday, hitting $3.61. 12,673,225 shares of the stock were exchanged, compared to its average volume of 9,884,311. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.03 and a current ratio of 2.13. The stock has a market capitalization of $6.28 billion, a P/E ratio of 9.03 and a beta of 1.88. Gerdau SA has a 12 month low of $2.73 and a 12 month high of $4.39. The business’s 50-day moving average is $3.21 and its two-hundred day moving average is $3.42.

Gerdau (NYSE:GGB) last issued its quarterly earnings data on Wednesday, August 7th. The basic materials company reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.03). The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.79 billion. Gerdau had a return on equity of 5.34% and a net margin of 3.64%. On average, equities analysts predict that Gerdau SA will post 0.21 earnings per share for the current fiscal year.

GGB has been the topic of several research analyst reports. TheStreet cut shares of Gerdau from a “b-” rating to a “c+” rating in a research note on Friday, August 30th. ValuEngine raised shares of Gerdau from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $4.50.

Gerdau Profile

Gerdau SA provides steel-related products and services worldwide. It operates through four segments: Brazil Operations, North America Operations, South America Operations, and Special Steel Operations. The company offers semi-finished products, including billets, blooms, and slabs; common long rolled products, such as rebars, wire rods, merchant bars, light shapes, and profiles, which are used primarily in the construction and manufacturing industries; and drawn products comprising barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire meshes, nails, and clamps, as well as mines and produces iron ore.

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Institutional Ownership by Quarter for Gerdau (NYSE:GGB)

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