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.
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 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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