Posted by admin on May 24th, 2022
Gerdau (NYSE:GGB – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $6.50 price objective on the basic materials company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 9.06% from the stock’s current price.
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. “
Shares of GGB opened at $5.96 on Tuesday. The company has a current ratio of 2.43, a quick ratio of 1.26 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $10.25 billion, a P/E ratio of 3.41, a price-to-earnings-growth ratio of 0.16 and a beta of 1.53. The firm’s fifty day simple moving average is $5.91 and its two-hundred day simple moving average is $5.33. Gerdau has a 12 month low of $4.19 and a 12 month high of $6.69.
Gerdau (NYSE:GGB – Get Rating) last issued its quarterly earnings results on Thursday, May 5th. The basic materials company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.12). The firm had revenue of $3.89 billion for the quarter. Gerdau had a net margin of 19.44% and a return on equity of 38.99%. As a group, research analysts predict that Gerdau will post 1.57 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Morgan Stanley increased its stake in Gerdau by 272.3% in the 2nd quarter. Morgan Stanley now owns 8,285,048 shares of the basic materials company’s stock valued at $48,881,000 after buying an additional 6,059,718 shares during the last quarter. Itau Unibanco Holding S.A. boosted its holdings in Gerdau by 126.1% in the 4th quarter. Itau Unibanco Holding S.A. now owns 10,036,257 shares of the basic materials company’s stock valued at $48,378,000 after purchasing an additional 5,596,967 shares during the period. Deutsche Bank AG lifted its holdings in shares of Gerdau by 63.8% during the 4th quarter. Deutsche Bank AG now owns 6,621,093 shares of the basic materials company’s stock worth $32,575,000 after acquiring an additional 2,579,593 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Gerdau during the 1st quarter worth $10,389,000. Finally, Indus Capital Partners LLC purchased a new position in Gerdau in the 4th quarter worth $7,607,000.
Gerdau Company Profile (Get Rating)
Gerdau SA provides steel products and services. The company operates through Brazil Business, North America Business, South America Business, and Special Steel Business segments. It offers 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; finished industrial products, including commercial rolled-steel bars, and light profiles and wires; agricultural products that include stakes and smooth wire products; and drawn products comprises barbed and barbless fence wires, galvanized wires, fences, concrete reinforcing wire meshes, nails, and clamps.
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