Gerdau (NYSE:GGB) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Gerdau (NYSE:GGB) from a sell rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

According to Zacks, “GERDAU S.A. throughout its 101 years of activities, they are largest long steel producer in Latin America, and have made an important contribution in building the history of the Brazilian industry. Gerdau Group dedicates itself to meeting the growing demands of several dynamic industries involved in the production of goods and in the development of the economy. Gerdau steel is used in construction and industry as well as in the automotive and agricultural sectors. “

A number of other equities analysts also recently issued reports on the company. TheStreet downgraded Gerdau from a b- rating to a c+ rating in a research report on Friday, August 30th. ValuEngine upgraded Gerdau from a sell rating to a hold rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of Buy and an average target price of $4.50.

NYSE GGB opened at $4.22 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 2.13 and a debt-to-equity ratio of 0.50. The firm has a market cap of $7.19 billion, a PE ratio of 10.55, a price-to-earnings-growth ratio of 6.09 and a beta of 1.96. The company has a 50 day moving average price of $3.69 and a 200 day moving average price of $3.48. Gerdau has a 52 week low of $2.73 and a 52 week high of $4.39.

Gerdau (NYSE:GGB) last posted its earnings results on Wednesday, October 30th. The basic materials company reported $0.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.03. The company had revenue of $2.51 billion during the quarter, compared to analysts’ expectations of $2.49 billion. Gerdau had a net margin of 3.64% and a return on equity of 5.77%. On average, equities research analysts anticipate that Gerdau will post 0.2 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE boosted its holdings in Gerdau by 7,324.0% in 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 acquiring an additional 17,403,089 shares in the last quarter. Vanguard Group Inc. increased 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 valued at $43,454,000 after acquiring an additional 1,253,168 shares in the last quarter. JPMorgan Chase & Co. increased 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 valued at $30,357,000 after acquiring an additional 537,790 shares in the last quarter. Nuveen Asset Management LLC increased 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 valued at $8,276,000 after acquiring an additional 2,114,293 shares in the last quarter. Finally, Sagil Capital LLP purchased a new position in shares of Gerdau in the 2nd quarter valued at approximately $7,780,000. 9.57% of the stock is owned by institutional investors and hedge funds.

About Gerdau

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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