Gerdau (NYSE:GGB) Upgraded to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Gerdau (NYSE:GGB) from a neutral rating to an overweight rating in a research note released on Monday, Marketbeat Ratings reports. They currently have $6.00 target price on the basic materials company’s stock, up from their previous target price of $5.00.

Gerdau Stock Performance

Shares of GGB stock opened at $4.46 on Monday. The stock has a market capitalization of $7.84 billion, a PE ratio of 5.31 and a beta of 1.73. Gerdau has a 52-week low of $4.11 and a 52-week high of $6.16. The stock’s 50-day moving average price is $4.34 and its 200 day moving average price is $4.48. The company has a quick ratio of 1.24, a current ratio of 2.59 and a debt-to-equity ratio of 0.20.

Gerdau shares are set to split on the morning of Tuesday, April 30th. The 6-5 split was announced on Tuesday, April 30th. The newly minted shares will be payable to shareholders after the market closes on Tuesday, April 30th.

Gerdau Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Tuesday, March 5th were given a dividend of $0.0202 per share. This represents a $0.08 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend was Monday, March 4th. Gerdau’s payout ratio is 9.52%.

Hedge Funds Weigh In On Gerdau

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ballentine Partners LLC acquired a new position in Gerdau during the 1st quarter worth approximately $44,000. Abacus Wealth Partners LLC acquired a new position in Gerdau during the 1st quarter worth approximately $59,000. Quadrature Capital Ltd increased its position in Gerdau by 91.0% during the 4th quarter. Quadrature Capital Ltd now owns 119,920 shares of the basic materials company’s stock worth $581,000 after purchasing an additional 57,122 shares during the period. Virtu Financial LLC acquired a new position in Gerdau during the 4th quarter worth approximately $164,000. Finally, Virtus ETF Advisers LLC increased its position in Gerdau by 9.1% during the 4th quarter. Virtus ETF Advisers LLC now owns 41,284 shares of the basic materials company’s stock worth $200,000 after purchasing an additional 3,459 shares during the period. Institutional investors and hedge funds own 1.49% of the company’s stock.

Gerdau Company Profile

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.