Gerdau (NYSE:GGB) Shares Up 3% - Here's What Happened

Gerdau S.A. (NYSE:GGB - Get Free Report)'s share price was up 3% during mid-day trading on Tuesday . The company traded as high as $2.92 and last traded at $2.93. Approximately 1,091,314 shares traded hands during trading, a decline of 88% from the average daily volume of 9,175,225 shares. The stock had previously closed at $2.84.

Analysts Set New Price Targets

Separately, UBS Group started coverage on shares of Gerdau in a report on Wednesday, March 12th. They set a "neutral" rating for the company.

Gerdau Trading Down 6.2 %

The business has a 50 day moving average of $2.94 and a 200-day moving average of $3.13. The stock has a market cap of $5.46 billion, a PE ratio of 6.10 and a beta of 1.69. The company has a current ratio of 2.98, a quick ratio of 1.53 and a debt-to-equity ratio of 0.21.

Gerdau (NYSE:GGB - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The basic materials company reported $0.06 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.06. Gerdau had a return on equity of 7.74% and a net margin of 7.03%. The business had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.66 billion. On average, analysts anticipate that Gerdau S.A. will post 0.46 EPS for the current year.

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Gerdau Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued a $0.0175 dividend. The ex-dividend date was Friday, March 7th. This represents a $0.07 dividend on an annualized basis and a yield of 2.67%. Gerdau's payout ratio is 13.95%.

Hedge Funds Weigh In On Gerdau

A number of large investors have recently bought and sold shares of the stock. Rehmann Capital Advisory Group acquired a new position in Gerdau in the third quarter valued at $37,000. Private Advisor Group LLC acquired a new position in shares of Gerdau in the 4th quarter valued at about $32,000. Wealthfront Advisers LLC purchased a new stake in shares of Gerdau during the 4th quarter worth about $32,000. HighTower Advisors LLC purchased a new position in Gerdau in the third quarter valued at approximately $38,000. Finally, Zhang Financial LLC acquired a new position in shares of Gerdau during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 1.49% of the company's stock.

About Gerdau

Gerdau SA, together with its subsidiaries, operates as a steel producer company. The company operates through Brazil Business, North America Business, South America Business, and Special Steel Business segments. It also 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.