LPL Financial LLC raised its position in shares of Gerdau S.A. (NYSE:GGB – Free Report) by 70.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 232,070 shares of the basic materials company’s stock after buying an additional 96,313 shares during the quarter. LPL Financial LLC’s holdings in Gerdau were worth $1,211,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Heritage Investors Management Corp raised its stake in Gerdau by 7.9% during the first quarter. Heritage Investors Management Corp now owns 29,141 shares of the basic materials company’s stock valued at $144,000 after buying an additional 2,128 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Gerdau by 2.9% during the first quarter. Truist Financial Corp now owns 88,335 shares of the basic materials company’s stock valued at $435,000 after purchasing an additional 2,460 shares during the last quarter. Personal CFO Solutions LLC grew its holdings in shares of Gerdau by 9.9% during the first quarter. Personal CFO Solutions LLC now owns 32,681 shares of the basic materials company’s stock valued at $161,000 after purchasing an additional 2,939 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Gerdau by 2.1% during the first quarter. Bank of New York Mellon Corp now owns 146,025 shares of the basic materials company’s stock valued at $720,000 after purchasing an additional 2,989 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Gerdau by 19.7% during the first quarter. PNC Financial Services Group Inc. now owns 20,499 shares of the basic materials company’s stock valued at $132,000 after purchasing an additional 3,373 shares during the last quarter. Institutional investors and hedge funds own 2.64% of the company’s stock.
Analyst Ratings Changes
Separately, Scotiabank lowered Gerdau from an “outperform” rating to a “sector perform” rating in a report on Friday, July 21st.
Gerdau Stock Up 0.8 %
NYSE:GGB opened at $4.99 on Friday. Gerdau S.A. has a 52 week low of $4.20 and a 52 week high of $6.34. The firm has a market capitalization of $8.77 billion, a PE ratio of 5.11 and a beta of 1.73. The stock has a 50 day moving average of $4.67 and a 200-day moving average of $5.04. The company has a current ratio of 2.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.22.
Gerdau Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Tuesday, November 21st will be issued a $0.0962 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 7.71%. This is a positive change from Gerdau’s previous quarterly dividend of $0.09. The ex-dividend date is Monday, November 20th. Gerdau’s dividend payout ratio is 62.89%.
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.
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