Connor Clark & Lunn Investment Management Ltd. Sells 183,488 Shares of Gerdau S.A. (NYSE:GGB)

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in Gerdau S.A. (NYSE:GGB - Free Report) by 15.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,025,049 shares of the basic materials company's stock after selling 183,488 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Gerdau were worth $3,588,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Abacus Wealth Partners LLC grew its holdings in shares of Gerdau by 23.2% during the third quarter. Abacus Wealth Partners LLC now owns 17,173 shares of the basic materials company's stock worth $60,000 after purchasing an additional 3,235 shares in the last quarter. QRG Capital Management Inc. grew its stake in Gerdau by 5.5% in the 2nd quarter. QRG Capital Management Inc. now owns 70,404 shares of the basic materials company's stock worth $232,000 after buying an additional 3,640 shares in the last quarter. Inspire Advisors LLC grew its stake in Gerdau by 10.2% in the 3rd quarter. Inspire Advisors LLC now owns 45,892 shares of the basic materials company's stock worth $161,000 after buying an additional 4,229 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Gerdau by 132.8% in the 3rd quarter. Blue Trust Inc. now owns 8,681 shares of the basic materials company's stock worth $29,000 after buying an additional 4,952 shares during the last quarter. Finally, Johnson Investment Counsel Inc. raised its position in shares of Gerdau by 20.0% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 32,760 shares of the basic materials company's stock valued at $108,000 after buying an additional 5,460 shares in the last quarter. 1.49% of the stock is currently owned by institutional investors.

Gerdau Price Performance

NYSE:GGB traded up $0.04 during midday trading on Monday, hitting $3.44. The company had a trading volume of 9,718,200 shares, compared to its average volume of 8,372,114. The company has a market capitalization of $7.14 billion, a PE ratio of 7.40 and a beta of 1.75. The company has a quick ratio of 1.53, a current ratio of 2.98 and a debt-to-equity ratio of 0.21. Gerdau S.A. has a 52-week low of $2.92 and a 52-week high of $4.10. The stock's fifty day moving average price is $3.34 and its 200-day moving average price is $3.33.

Gerdau Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Thursday, November 21st will be issued a $0.0528 dividend. This is a boost from Gerdau's previous quarterly dividend of $0.00. This represents a $0.21 dividend on an annualized basis and a dividend yield of 6.15%. The ex-dividend date of this dividend is Thursday, November 21st. Gerdau's dividend payout ratio is presently 43.64%.

Gerdau Company Profile

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.