Point72 Asset Management L.P. Buys Shares of 938,100 Gerdau S.A. (NYSE:GGB)

Point72 Asset Management L.P. bought a new stake in Gerdau S.A. (NYSE:GGB - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 938,100 shares of the basic materials company's stock, valued at approximately $3,283,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of GGB. Hsbc Holdings PLC increased its holdings in shares of Gerdau by 36.1% during the 2nd quarter. Hsbc Holdings PLC now owns 750,612 shares of the basic materials company's stock valued at $2,477,000 after purchasing an additional 199,033 shares in the last quarter. Marshall Wace LLP increased its holdings in Gerdau by 1,988.2% in the second quarter. Marshall Wace LLP now owns 6,186,152 shares of the basic materials company's stock valued at $20,414,000 after buying an additional 5,889,913 shares in the last quarter. Walleye Capital LLC boosted its stake in shares of Gerdau by 42.3% during the 3rd quarter. Walleye Capital LLC now owns 1,295,926 shares of the basic materials company's stock worth $4,536,000 after acquiring an additional 385,535 shares in the last quarter. Oaktree Fund Advisors LLC acquired a new stake in shares of Gerdau during the 2nd quarter valued at about $2,148,000. Finally, SPX Gestao de Recursos Ltda increased its stake in shares of Gerdau by 8.3% in the 2nd quarter. SPX Gestao de Recursos Ltda now owns 2,202,470 shares of the basic materials company's stock valued at $7,268,000 after purchasing an additional 169,730 shares in the last quarter. Institutional investors and hedge funds own 1.49% of the company's stock.

Gerdau Price Performance

NYSE GGB traded up $0.01 during trading hours on Tuesday, reaching $3.47. The company's stock had a trading volume of 3,169,268 shares, compared to its average volume of 8,461,722. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.98 and a quick ratio of 1.53. Gerdau S.A. has a 1-year low of $2.92 and a 1-year high of $4.10. The company's 50-day moving average is $3.35 and its two-hundred day moving average is $3.30. The firm has a market capitalization of $7.21 billion, a price-to-earnings ratio of 7.52 and a beta of 1.73.

Gerdau Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Thursday, November 21st will be issued a $0.0528 dividend. This represents a $0.21 annualized dividend and a yield of 6.09%. The ex-dividend date of this dividend is Thursday, November 21st. This is a positive change from Gerdau's previous quarterly dividend of $0.00. Gerdau's payout ratio is presently 43.48%.

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.