Atria Investments LLC acquired a new stake in Gerdau SA (NYSE:GGB) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 57,191 shares of the basic materials company’s stock, valued at approximately $213,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in GGB. Bank of America Corp DE grew its holdings in shares of Gerdau by 7,324.0% during the second quarter. Bank of America Corp DE now owns 17,640,706 shares of the basic materials company’s stock worth $68,621,000 after purchasing an additional 17,403,089 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Gerdau by 12.6% during the second quarter. Vanguard Group Inc. now owns 11,170,635 shares of the basic materials company’s stock worth $43,454,000 after purchasing an additional 1,253,168 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Gerdau by 7.3% during the second quarter. JPMorgan Chase & Co. now owns 7,885,158 shares of the basic materials company’s stock worth $30,357,000 after purchasing an additional 537,790 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Gerdau by 16,090.5% during the second quarter. Nuveen Asset Management LLC now owns 2,127,433 shares of the basic materials company’s stock worth $8,276,000 after purchasing an additional 2,114,293 shares during the last quarter. Finally, Sagil Capital LLP purchased a new position in shares of Gerdau during the second quarter worth about $7,780,000. Institutional investors and hedge funds own 8.50% of the company’s stock.
NYSE GGB opened at $3.19 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 2.19 and a debt-to-equity ratio of 0.50. Gerdau SA has a 52-week low of $2.73 and a 52-week high of $4.71. The business’s 50-day moving average price is $3.10 and its 200 day moving average price is $3.50. The firm has a market cap of $5.52 billion, a P/E ratio of 9.73 and a beta of 1.85.
GGB has been the topic of a number of research reports. ValuEngine raised Gerdau from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. TheStreet lowered Gerdau from a “b-” rating to a “c+” rating in a report on Friday, August 30th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $4.50.
Gerdau Company Profile
Gerdau SA provides steel-related products and services worldwide. It operates through four segments: Brazil Operations, North America Operations, South America Operations, and Special Steel Operations. The company offers semi-finished products, including billets, blooms, and slabs; common long rolled products, such as rebars, wire rods, merchant bars, light shapes, and profiles, which are used primarily in the construction and manufacturing industries; and drawn products comprising barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire meshes, nails, and clamps, as well as mines and produces iron ore.
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