Gerdau (NYSE:GGB) Upgraded to Buy at UBS Group

UBS Group upgraded shares of Gerdau (NYSE:GGB) from a neutral rating to a buy rating in a research note issued to investors on Monday, Marketbeat.com reports. The firm currently has $3.80 target price on the basic materials company’s stock, up from their previous target price of $2.90.

Separately, Bank of America reiterated a “neutral” rating on shares of Gerdau in a research report on Monday, April 7th.

Gerdau Stock Performance

Shares of NYSE GGB opened at $3.19 on Monday. Gerdau has a 12-month low of $2.27 and a 12-month high of $3.62. The company has a market cap of $6.62 billion, a PE ratio of 7.41 and a beta of 1.38. The stock has a 50 day simple moving average of $2.65 and a 200-day simple moving average of $2.89. 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 Increases Dividend

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

Institutional Trading of Gerdau

Institutional investors have recently made changes to their positions in the stock. Private Advisor Group LLC bought a new stake in Gerdau during the fourth quarter worth approximately $32,000. Wealthfront Advisers LLC acquired a new position in shares of Gerdau during the 4th quarter valued at $32,000. Wolverine Trading LLC bought a new stake in shares of Gerdau in the 4th quarter worth $37,000. Carrera Capital Advisors acquired a new stake in shares of Gerdau in the fourth quarter valued at $40,000. Finally, Xponance Inc. bought a new position in Gerdau during the first quarter valued at about $40,000. 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. 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.