Millennium Management LLC Purchases 2,579,621 Shares of Gerdau S.A. (NYSE:GGB)

Millennium Management LLC boosted its position in Gerdau S.A. (NYSE:GGB) by 1,062.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,822,453 shares of the basic materials company’s stock after purchasing an additional 2,579,621 shares during the quarter. Millennium Management LLC owned about 0.14% of Gerdau worth $8,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Private Advisor Group LLC bought a new position in shares of Gerdau in the fourth quarter worth $32,000. Wealthfront Advisers LLC bought a new position in Gerdau in the 4th quarter worth about $32,000. R Squared Ltd purchased a new stake in shares of Gerdau in the 4th quarter valued at about $36,000. Carrera Capital Advisors bought a new stake in shares of Gerdau during the 4th quarter valued at about $40,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Gerdau during the 4th quarter valued at about $65,000. 1.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on GGB shares. Bank of America reaffirmed a “neutral” rating on shares of Gerdau in a research note on Monday, April 7th. UBS Group lowered their price objective on shares of Gerdau from $3.30 to $2.90 and set a “neutral” rating on the stock in a research report on Wednesday, April 30th.

Gerdau Price Performance

Shares of Gerdau stock opened at $2.71 on Monday. The firm has a market capitalization of $5.63 billion, a PE ratio of 6.30 and a beta of 1.43. The company has a current ratio of 2.98, a quick ratio of 1.53 and a debt-to-equity ratio of 0.21. Gerdau S.A. has a 12 month low of $2.27 and a 12 month high of $3.63. The business’s 50-day moving average price is $2.68 and its 200-day moving average price is $2.94.

Gerdau Increases Dividend

The firm also recently declared a dividend, which will be paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 13th will be given a dividend of $0.0188 per share. This is a boost from Gerdau’s previous dividend of $0.00. This represents a yield of 2.95%. The ex-dividend date of this dividend is Monday, May 12th. Gerdau’s dividend payout ratio (DPR) is presently 24.14%.

About Gerdau

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.