Gerdau (NYSE:GGB) Sets New 12-Month Low at $3.58

Gerdau S.A. (NYSE:GGB) reached a new 52-week low on Thursday . The stock traded as low as $3.58 and last traded at $3.63, with a volume of 782793 shares. The stock had previously closed at $3.58.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. raised shares of Gerdau from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $5.00 to $6.00 in a research note on Monday.

Gerdau Trading Up 1.4 %

The company has a 50 day simple moving average of $4.33 and a two-hundred day simple moving average of $4.47. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.24 and a current ratio of 2.59. The company has a market cap of $6.38 billion, a PE ratio of 5.13 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 payable to shareholders after the market closes on Tuesday, April 30th.

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

Gerdau Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Tuesday, March 5th were given a dividend of $0.0202 per share. The ex-dividend date was Monday, March 4th. This represents a $0.08 dividend on an annualized basis and a yield of 2.23%. Gerdau’s payout ratio is 9.52%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Clear Street Markets LLC bought a new stake in shares of Gerdau in the 4th quarter valued at approximately $38,000. Atlas Capital Advisors LLC lifted its stake in Gerdau by 424.8% in 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. Belpointe Asset Management LLC bought a new position in shares of Gerdau during the 1st quarter valued at $37,000. Fortis Capital Advisors LLC acquired a new stake in shares of Gerdau in the 1st quarter valued at $37,000. Finally, Blue Trust Inc. boosted its holdings in Gerdau by 175.0% in the fourth quarter. Blue Trust Inc. now owns 8,074 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 5,138 shares in the last quarter. 1.49% of the stock is 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.