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

Gerdau S.A. (NYSE:GGB)’s stock price gapped down before the market opened 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 traded.

Wall Street Analyst Weigh In

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

Gerdau Trading Down 3.6 %

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 business’s 50-day moving average price is $4.34 and its two-hundred day moving average price is $4.48. The company has a market capitalization of $7.56 billion, a price-to-earnings ratio of 5.31 and a beta of 1.73.

Gerdau’s stock is set to split before the market opens on Tuesday, April 30th. The 6-5 split was announced on Tuesday, April 30th. The newly issued shares will be issued to shareholders after the market closes on Tuesday, April 30th.

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

Gerdau Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Tuesday, March 5th were issued a dividend of $0.0202 per share. The ex-dividend date was Monday, March 4th. This represents a $0.08 annualized dividend and a dividend yield of 1.88%. Gerdau’s dividend payout ratio (DPR) is presently 9.52%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GGB. Belpointe Asset Management LLC bought a new stake in shares of Gerdau in the first quarter worth $37,000. Fortis Capital Advisors LLC bought a new stake in shares of Gerdau in the first quarter worth $37,000. Clear Street Markets LLC bought a new stake in Gerdau during the fourth quarter valued at $38,000. Blue Trust Inc. boosted its position in Gerdau by 175.0% during the fourth quarter. Blue Trust Inc. now owns 8,074 shares of the basic materials company’s stock valued at $39,000 after acquiring an additional 5,138 shares during the last quarter. Finally, Atlas Capital Advisors LLC boosted its position in Gerdau by 424.8% during 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 during the last quarter. 1.49% of the stock is currently owned by institutional investors and hedge funds.

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.